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Fresh update on "blackrock" discussed on Bloomberg Best

Bloomberg Best

01:00 min | 15 hrs ago

Fresh update on "blackrock" discussed on Bloomberg Best

"Second half of the schedule will be released at a later date. That's the latest news on Bill Tripper. And I'm Charlie Public's at Bloomberg World Headquarters records on Wall Street, With the Dow, the S and P and NASDAQ and Russell 2000, all climbing to records. Treasury yields jumped after report showing US employment gains slowed in November bolstered expectations, firm or federal stimulus. We got another shred of evidence that the U. S labor market is losing ground is Over 19 stages a new and deadlier attack and with more on the jobs report, here's Bloomberg's Vinny del Jude Ice employers added 245,000 workers in November, the smallest gain since the economy collapsed and lurched in a recovery in the spring and summer. Two key measures. Labor force participation in the employment population ratio declined negative for an economy with millions out of work Take it is a warning the labor market could falter during the wait for widespread vaccine distribution, and he Del Giudice Marburg radio reaction to the jobs report from Jeffrey Rosenberg, senior portfolio manager at BlackRock Financial. It's a weaker report than expected. You know, certainly You're seeing the impact of the pandemic surge here particularly strong and leisure and hospitality, which disappointed to the downside. As for jobs reports going forward Ellen Zentner is chief U S economist at Morgan Stanley. It's gonna be a difficult winter. We know this one married to this idea. We're all disappointed. And in what the winter's gonna look like. These parallel reports are getting overshadowed by positive news on the vaccine front. And if fiscal headlines so records for the S and P the Dow Russell 2000 and NASDAQ such synchronized highs last seen in January of 2018 s and P Up, 32 up 9/10 of 1% the Dow up 248 points up 8/10 of 1%. Now stack up 87 again of 7/10 of 1% Global News. 24 hours a day on air and on Bloomberg. Quick, take power by more than 2700 journalists and analysts and more than 120 countries. I'm Charlie Pellet. This is Bloomberg..

Bloomberg Bloomberg World Headquarters Del Giudice Marburg Bill Tripper Vinny Del Jude Ice Ellen Zentner Charlie Pellet United States Charlie Public Russell Jeffrey Rosenberg Treasury Morgan Stanley Senior Portfolio Manager Blackrock Financial U. S
"blackrock" Discussed on Snacks Daily

Snacks Daily

14:16 min | Last month

"blackrock" Discussed on Snacks Daily

"First story Jack Celery. Carrot Carrot celery mostly just water trick question answers always ranch snacker poultry powerhouse. Pilgrim's pride is paying up one hundred and eleven million dollars to the US. Justice Department I think that's chicken wing reference and I like it because this is the biggest chicken. Fixing scandal ever snack as we got it going on overnight six Colorado based company is the second-biggest chicken processor in the US and it's called Pilgrim's prize simple name four, billion dollar company about half lift give or take it notched eleven billion dollars in sales of chicken last year turning a five hundred, million dollar profit not too shabby and because of the nature of the story Jack and I jumped back in time to twenty eighteen notice, they had a nice ten percent sales jump that year. Like a nice sales job for the chicken industry which doesn't. find out it's blood money. That's rights knackers. There was a seven year effort across the chicken industry to fix prices and fix them. Hot Jack I'm GonNa take the six piece mcnuggets boat with a side of suppressing competition. smackers. Did you have a KFC fried chicken sandwich or did you go to Popeye's Chick-fil-a? Walmart Kroger. Costco in the years two, thousand, twelve to twenty one, thousand, nine, hundred, check those receipts because you probably got clocked clock you got clicked badly because pilgrims was charged by the Justice Department for coordinating with Tyson Foods and purdue and two other big chicken companies to raise prices on that chicken. Here's how it went down. Let's say. I'm a pilgrim pride salesman and I'm trying to sell chicken to Popeye's 'cause. They just launched Fried Chicken, Sandwich Jack don't sell yourself short you're the salesman of the month. So Jack Approaches me and says, you know what? Okay Popeye's chicken now for their chicken Burger, you sell to them as well. Yeah. I'm selling them as well. So how I'm going to go ahead and raise the prices of chicken by like four cents per pound. Down good deal. So Jack none of us are going to sell for less than three bucks a pound correct. That's right. Only more than three bucks a pound and we'll get like big bonuses at the end of the year for this by the way Jack this conversation, it never happened tell Judy I said I right right. Right after a years investigation into all that pilgrim is the first of all those big chicken companies to sign a plea deal with the US government because colluding on prices with the competition is illegal, they're going to pay a hundred eleven million dollars to make this lawsuit. Go funny thing if you noticed yesterday pilgrim's pride stock jumped six percent after. This news investors are just relieved that it's over in that the price tag is known sprinkle little contextual seasoning on this, and you're going to see that pilgrim pride stock was already down fifty percent this year under-cooked chicken ain't good check. So Jack, what's the takeaway for our buddy over pilgrim's pride? This big chicken drama reveals the real threat of big tech that we face smackers pilgrim coordinated with four other chicken producers to hurt consumers like us. Now, we all agree that that collusion that went down between the five companies it resulted in high prices and chicken for all of us, and that's wrong and that's bad. But Jack and I noticed an interesting connection here because. Getting accused lately of anticompetitive behavior difference here is big tech companies don't need to collude with the petition in order to set prices high because there is no competition. That's right. Google doesn't need to collude because they're eighty eight percent of the US search market. Even though big tech doesn't collude in a shady way like the chicken companies do the end result is the same and that's why the Justice Department is expected any day now to charge Google with antitrust. Crimes just like it did pilgrim four our second story. We got a wild bit of like investigation going on here Uber Freight is now we're three point, three, billion dollars. We're talking about Uber's Moonshot and Uber's leading the logistics industry in an Uber. Free. But snack is before we even talk about over for we gotta talk about indeed indeed as a job posting website that you probably heard an ad for unlike NPR or podcast or the radio this is not that. But in those ads, you'll hear like use the Promo Code indeed for your first job posting for free connecting people with career. I'm so sick and tired of job boards, Mick. But the fascinating thing about indeed is that they share data about the types of workers companies are hiring for right now and one of them caught our eye drivers. Yep. The number of driving jobs think like delivery long haul trucking that's up eleven percent since February that's if you're ordering a new. Chair from target because you're working from home guilty, you need a trucker to get that chair to you. Now, this is interesting because nick and I asked yourselves, is there a connection with his story to a publicly traded stock actually full disclosure snags? Jack tells me what he put his cold oatmeal and asking if there's a publicly traded stock can reference on this this one? Yes. Yup. Uber Uber Uber Freight is the only Uber Division that's not based in San. Francisco Jack GPS. It's based in Chicago because. Go does logistics tests. They do now hoover's knackers it's got to Moonshot that's going on one is self driving Uber's that would cut out the drivers and ultimately make hoover probably profitable Uber Freight is the other moonshot back. It's like Ober, but it's connecting warehouses with. Warehouses it's not a sexy. And the GIG workers. In this case are truck drivers and instead of a Honda accord, there is an eighteen wheeler and these truck drivers are hoping everyday that some day a t shirt company is Kinda need a sudden shipment of cotton. And they're gonNA have an Uber Fray they're going to hell newburgh freight and they're gonNA hope there's no surprise. But the other thing Jack and I noticed about is that they also raised money last week a whole bunch of money that made them hit a three point three billion dollar valuation interesting because Uber The parent company is worth sixty, two billion dollars based on Wednesday stockpiles, which is awkwardly six lifts by the way Uber is looking at this little eighteen wheeler business adorable as a pre pugh bessant profit poppy and basically treated like a Unicorn pet to get Uber Fritz. Scots Miracle Grow. So this thing grows big and healthy and strong, and it needs that because trucking isn't inflexible and expensive business, you need to sign contracts and you need to sign him well in advance of shipping that cotton from your t shirt company to where you're not like spontaneously hauling fifty thousand gallons of milk from Michigan to Miami if shipping things required less planning and you could actually do it spontaneously a lot of businesses could benefit from that flexibility. So Jack, what's the take for buddies overdue per free Uber Free Its latest investor is the Lord various, of freight, drake. I whole bunch of spies throughout the seven. Kingdoms. Lubar freight just received five hundred million dollars now from its parent company. Uber Technologies but from Greenbriar Equity. Group. So Uber doesn't own one hundred percent of its own side hustle anymore greenbrier is a part owner. The reason there isn't because Uber's not committed to Uber for it's not trying to voice uber. Freight. To Greenbriar Equity Group Hoover wants screen buyers intelligence because Greenbrier is a critical strategic investor. Greenbrier has made a bunch of investments already in dozens and dozens of shipping and Logistics Company Policy Jack, right checked out portfolio you're not. GonNa recognize a single name in that thing like viruses little birds are scattered throughout game of thrones of them. Greenbrier has investments scattered throughout the shipping industry. So does this -rupt the Shipping Industry Uber Needs Greenbrier Intel Uber needs a strategic investor for our third and final story blackrock just invested big in electric vehicles. The same week it's investing big in. Saudi. Oil Pipeline. We're talking about diversification at the highest possible level. This story is about black rock not blackstone. No blackrock takes your money and invest don't make the wrong turn in mid town it's going to be a bad situation. BLACKROCK. Is. The biggest money. In. The entire world. We're talking a UM here assets under management seven point eight, trillion dollars of regular people's money invested in blackrock funds. We can't measure this unless that is three Kovic stimulus package is passed by Congress. We've never ripped on lift this much in a single episode. Are One six of an Uber. So two big things that Jack and I noticed yesterday the first is that one of blocks funds just made the leading investment in a startup called arrived arrived is a UK based electric bus and Electric Van Company ups is also an investor and they're planning on buying up like ten thousand of these things at ups is gonNA deliver packages in electric delivery van arrived just built their first factory in the United States of Micro Factory adorable in Rock Hill. South. Carolina they call it a micro factory because. The. Vehicles require way fewer pieces to assemble it. Then like a gasoline powered cars. There's no carburetor on this chassis is there. So arrived is pre IPO which is unfortunate because it's a classic sumo stock s you mo it Suma were straight up missing out because it's a private company we cannabis but black rock is kind of a big deal in like you said, neck with big money and it just made a big position buying some. Private, stock of arise. So congratulations blackrock this is nice. Electric vehicles or the future we got it everything seemed really simple but isn't blackrock also investing in? Saudi. Aramco that's the second thing we noticed about the government controlled oil colossus of Saudi. Arabia. That selling off some pipeline. Saudi. Aramco. Easy. Second, most valuable company on Earth yet because they sit in Saudi Arabia. They're controlled by the government and they suck up tons of oil from the earth to sell it to the whole world and guess who's reportedly interested in buying up ten billion dollars. Worth of those pipelines blackrock, which means we find ourselves in a little bit of flippy floppy hypocrisy here with blackrock isn't blackrock the same company that claimed in March which we covered. On this podcast that they have seen the light when it comes to environmental sustainability. Yes. We are in Saudi oil pipelines sustainability. What lasagna is typically Freak Vegan lifestyle you've got cheese you got gluten. You got me it is a no ozone for sustainability. So Jack, what's the takeaway for buddies over at Blackrock blackrock doesn't want its investments to do the same thing. Professors have studied what types of Stockport voyeurs tend to perform best, and they're all saying diversification is rule number one to invest wealth. You're investing in stocks that don't correlate. You could boost returns long-term and then also reduce risk blackrock is taking the same approach with its trillion dollar portfolio as an investor who has one hundred dollars. Let's see again under verse portfolio of like Uber and in grow up in that case. If one company fails they're all probably going to, let's say gotta diverse Combo like an electric vehicle company stock and an oil company stock. Those companies are on correllated Aka, their diverse. Aka Higher Long-term returns with lower long-term risk. So blackrock doesn't expect its oil and electric investments to move in the same direction at the same time blackhawks rooting for the Lakers because it loves Lebron but also betting money on the heat whoever? You went. Jack can whip up the takeaways force over there. Pilgrim's pride has paid one hundred eleven, million dollars to the Justice Department because it got caught colluded big tech doesn't need to collude because there's no competition at collude with foresaken story Uber just got a five hundred million dollars check to continue scaling Uber Free It's Uber's prepubescent profit puppy that just needs to strategic investor for our third and final story blackrock is investing electric cars at the same time. It's investing in gasoline derivative because whoever wins blackrock probably wins in this situation. Now time for a snack factor that we got from our Buddy Kendall Bakers, great newsletter axios sports worth checking out according to a study in the political science quarterly, which is an academic journal. Non White. Voters are seven times more likely than white voters to stand in line for more than an hour before being able to place their vote. That is wild Andy. Frustrating reason is that election officials send more resources to neighborhoods that tend to be predominantly white and the outcome is a subtle but brutal form of voter suppression. What the NBA players did over the summer to pressure the NBA was fantastic. They convinced the owners to open up their basketball arenas in all lake thirty cities in the US as voting locations. For election, day this year honestly Jack I would fly back to New York. City voted MSG the most famous arena in the world smackers you'll look fantastic today we should do this tomorrow Friday or Saturday funny. We will do this to Be Doing tomorrow we're GONNA. Ask Your buddies for H. Y. Y.'s Day, spread snacks and tell them have you had your snacks daily. That's how we grow naked al-sita mom and before we go congratulations to snappers Cassandra height and Jesse Schwartz all open over in San Francisco Kuna Matata through those. Taking grabbed the David Riyadian grace son to your anniversary over in Indonesia and congrats to grant Xiaobo Esquire who just passed the Colorado Barak also Sean. Lee. Also passed the CPA over in California and congrats to Laura and Luther who just got married in Queens the biggest county of New York. City congrats gracing Kyle expecting in Saint. Petersburg. Florida is Staten Island big queens actually it's a trick question Brattleboro is the six grow. and happy birthday to Christine beyond from the Philippines snacking from Bahrain happy birthday warden nate Mac Collins over in grand. Island Phil Rick It from Knoxville Tennessee and Melissa. Cross over in New Haven Connecticut and Tracy win in San Diego California and Michelle Carello in San Francisco and Pranab Kumar in college town Texas and Ian Hackett in Syracuse New York and Christian Cam in Atlanta Georgia and Happy Birthday Harry. Burs over in San Francisco and Jelio Andres in San Antonio Texas we'll see you tomorrow. This Jack I stock of blackstone. The Robin Hood, snacks podcast you just heard reflects the opinions of only the host who are associated persons of Robinhood Financial Llc and does not reflect the views of robinhood markets, INC her any of its subsidiaries or affiliates. The podcast is for informational purposes only and is not intended to serve as a recommendation to buy or sell any security and is not an offer or sale of security. The podcast is also not a research report and is not intended to serve as the basis of any investment decision Robin, Hood Financial LLC member, Finra SIPC..

Jack Uber blackrock United States Uber Freight Pilgrim Justice Department Saudi Uber Technologies Uber Fritz Jack Celery salesman Blackrock blackrock BLACKROCK Greenbrier Colorado Jack GPS Costco Hoover
"blackrock" Discussed on Squawk Pod

Squawk Pod

13:12 min | Last month

"blackrock" Discussed on Squawk Pod

"Johnson and Johnson is temporarily paused. . It's cove nineteen vaccine clinical trials due to an unexplained illness in a study participant <hes> the development first reported by stat news notes that the study is not under a clinical hold that's the more serious hold and it's not immediately apparent whether the volunteer received the actual treatment. . Or a placebo. . That would be key difference J. J. says <unk> adverse events. . Events like illnesses aren't expected part of clinical studies but if they do find out, , yeah, , it was the placebo. . Well then. . It goes without saying. . Apparently. It's . not always immediately available for that but I read through that a lot because it it seems to me like you'd be able to figure out pretty quickly it to shutting down your entire thing if this was somebody who got the placebo. . That's why it's called the blind, , a double blind study or whatever you want people knowing who? ? Didn't. . I guess somebody knows I hope so or else you get. . Jeez. . Yeah. . Wow maybe. . Striking, , about this, , this is now the second one of these that we've had AstraZeneca's you know put a hold of briefly internationally on their efforts but by the way that effort I believe is not ongoing right now in the United States. . So if for example, , there was a hold on the Astra Zeneca project in the United States and they separate hold now on the Johnson and Johnson one minute. . It's not this is not a whole. . Holistic. . Pause. . Right. . A pause, , but there was a I the point I was trying to make was there was a pause if you WANNA use the word pause and hold I know there now there's a distinction between the two, , but there was also a pause on the Astra Zeneca program in the United States if they're also pause on the Johnson and Johnson Program in the United. States . then you're then you're now down to Pfizer and Madonna as the most promising. . The only other two that are even ongoing when you think about the time line for when these things become available, , it could become more challenged. . I I would. . I would wait until. . You know. . That's not like you to find the negative part of it, , but I mean I. . Came back. . It's not I hadn't realized I. Don't . know if you want. . I not. . Not a spinal thing like the other one I understand that. . Thousands of people in all these trials and you're talking about two cases that you don't even know we're going to result in Holt. . So it made push it out to ask what if the dates maybe bad possibly, , what possible what have you imagined that would have you imagined that the Astra Zeneca program would be running everywhere else in the in the world except the United States right now I I haven't thought realized that tried to mad and haven't tried Ed Needs is this means it's going to be the Astra Zeneca program to become available here at the United States in any kind of similar time. . That's the point. . For more on the news from Johnson and Johnson. . Let's bring in Dr Zeke Emanuel. . He of course, , the former White House health policy advisor under President Obama he's now vice provost of global initiatives at the university, , of Pennsylvania, , and he's currently an informal adviser to the Joe Biden campaign and the Covid nineteen and Vaccine Recommendations. . By the way he just co authored a research letter for the Journal of the American Medical Association comparing us, , covert fatalities to those of some larger OECD countries to talk about that in just a moment. . But Dr Manual let's start with this news from J. and J. Does this concern you? ? Well, , any time? ? There's a serious adverse event it has to concern you but I think as. . J. F. O. explained. . You know you have to let the process evolve you have to actually examine carefully what the? ? Situation is the adverse event is related to the vaccine or placebo. . Related to something else a pre existing condition, , and so those are exactly the kind of questions at. . Researchers will look at and try to uncover in the next few hours. . And then we'll find out more. . If it's in the you know arm with of the vaccine it does raise serious questions because you only have a few thousand people in the study like this one adverse event is serious especially when you're considering a vaccine that you're going to roll out to tens, , hundreds of millions of people maybe even billions of people. . So you know. . That's the that's the ultimate concern, , and this is actually standard process. . For every research study you get a serious adverse event, , you investigate it, , it happens all the time. . It's just the world's not always watching. . So closely to see what the developers are excited worth pointing out that the the CFO of Johnson and Johnson also pointed out, , they don't know any of these answers because they have turned it all over to independent investigators, , and that is what kind of beefs up the credibility issues around those. . The CFO himself has no idea even though this was thirty six hours ago whether this was in a placebo patients someone who actually received the vaccine will continue. . That they've been carefully collaborating with the NIH on this trial and you know that I also think should give the American public. . Some reassurance at this is going to be done thoroughly <hes> and to the highest scientific standards might detrimental. Let's . talk about that paper that you wrote. . You found that the United States did have higher death rates from Cova. . I think the big question is was that something that was taking place very early on in the pandemic and that has improved since then and what have you found? ? Tell us a little bit about your study. . So what we did is to take the United States mortality from it. . Compare it to eighteen. . Countries a high income countries like Japan and Australia Canada and Jeremy <hes>, , and also the countries that were hit very hard at the start Italy Spain, , France and other. . European countries. . And we looked at the whole period and compared to most countries <hes>. . We actually the United States has done poorly even if you include the early phase but if you exclude the early phase March and April when every <hes> many countries were overwhelmed especially places like Italy and Spain. . And you exclude them and then look say may after countries have experienced, , got their arms around how to manage this of virus. . I turns out the United States at extraordinarily bad even compared to places like Italy a we had <hes> from. . May Tenth. . To today <hes> roughly ninety thousand more deaths and we should have had we followed Italy scores ninety thousand Americans who died needlessly. . As I have pointed out before Italy didn't have anything special or different in terms of Treatment Vaccines Diagnostics compared to the United States, , what they have is better public health. . Implementation of the public health measures, , and that actually is a could could have saved tens of thousands of lives in the United States. . and. We . can see that when we compare our experience to those of other countries. . What are you talking about in terms of <hes> reactions? ? You mean people wearing masks, , you mean contact tracing do you mean testing that's put out? ? How much this you think falls on the healthcare system. . As a fault and how much of it rely falls on public policy reaction to it. . How much falls on just citizens following the rules well. . It's all of it, , but it's mainly the public health response in public policy. . It really is implementing those public health measures, , <hes> countrywide with fidelity. . And then slowly reopening. . So you do have to have social distancing you do have to have a trying not to go indoors. . You do have to have having crowds less than twenty. . You do have to have wearing face masks doing hand hygiene and focusing your testing and contact tracing capacity first of all, , building it up, , which we never did successfully in this country, , and then focusing it on hot spots because we know this virus breaks out. . A super spreading events it's not the usual person to person to person you know eighty to ninety percent of people will not pass this to anyone. . Ten percent to twenty percent of people 'cause eighty percent of the infection. . So you have to be able to identify them and quickly suppressed that we never built up that capacity the federal government under president trump punted it to the states and then states did very different. . Things had Florida right now as rapidly opened up restaurants and many other things and a lot of us are expecting super spreading situations in Florida. . We've seen. . Places that kind of ignored? ? This up and down the Midwest saying Oh it's not here. . Now having very high rates of cases <hes> we've had thirty one states that are going up and not down <hes>, , which is a very worrisome situation going into the fall and we're going to move inside. . It's going to much easier to pass this virus along. . And a lot of us are seriously worried about the consequences hazy I'm trying to do whether that was apples to apple. . So when in May in the United. . States. . We got we got a later start right <hes> in Europe and by May they're already seeing. . Progress over in Europe did you adjust I'm not sure whether you adjusted for that because we were right at the height. . Close to it in May still and and they were on the downside in. . Europe is. . Standardized that in a way or wrong on that or or because we were going to have a lot more. . A lot more deaths in in May than they would because they they were they got it a lot earlier there. . Then I have a follow up question to. . That is a super sophisticated question <hes> and you're one hundred percent, , right we started a week or two later than <hes> European countries like Italy France <hes>. . But if you make that adjustment, , it makes a slight difference not. . Difference Yeah. . So it's not it's not. . Our peak was in May and their peak was in the end of March early April. . In fact, our , peak was earlier in April. . and. . By, by , May tenth, , we should have gotten our arms around and then also in our paper, , we look at June seven and subsequently, , and even if you look at June seven, , we have tens of thousands of more debts that other countries like again the Netherlands France Spain. . Italy. . So we've done poorly, , and by the way our data collection goes through mid September. . So we've done poorly even with the August blip because of <hes> <hes> the. . Spring summer vacations in many European countries where we know people like Silvio Berlusconi in Italy partied and ignored <hes> all the recommendations and got cove it <hes>. . So we have done badly even after even if you include the fact that we got this about a week or two later compared to other countries that was a very good question typically on the <hes> high level statisticians or clinical researchers ask that kind of. . I don't with. . Feeling so good about myself. . All of a sudden the problems we've had here the number of cases the number of that's a number of hospitalizations was not inevitable. . It was a result of bad public health measures being implemented or not implemented as the case may be <hes>, , and you can see this repeatedly states seeming seeming to learn nothing like Florida rushing to open up restaurants bars when we should be slowly slowly be opening. . Detrimental very quickly. . It I guess we do have time for one more question how how much of an impact do you think a Americans healthiness versus other countries have how do we rate just in terms of underlying co morbidity is that might be there well, , it's a mixed bag for one thing our population skews younger than most European countries, , they have a much older population more people over sixty five. . And we know that older people tend to die from this disease unfortunately <hes> we have more co morbidity in terms of diabetes in terms of obesity, , but they have more Komo British in terms of lung problems because they have higher smoking rates in the United States <hes> Net Nan. . It probably comes out in the wash but <hes> we're going to have to do some more. . Rigorous Studies of the CO morbidity situation and the age distribution of the population. . But I don't think it's GonNa be tens of thousands of deaths. . It might be a few thousand maybe even ten thousand but the overwhelming response effect that about half of our deaths or unnecessary <hes> that's not gonNA come out because of small differences in co morbidity between our countries and their country. . Zeke thank you very much for your time. It's . really great talking to you. . Thank you very sophisticated questions this morning. .

BlackRocks Larry Fink; Johnson & Johnsons Vaccine Study

Squawk Pod

13:12 min | Last month

BlackRocks Larry Fink; Johnson & Johnsons Vaccine Study

"Johnson and Johnson is temporarily paused. It's cove nineteen vaccine clinical trials due to an unexplained illness in a study participant the development first reported by stat news notes that the study is not under a clinical hold that's the more serious hold and it's not immediately apparent whether the volunteer received the actual treatment. Or a placebo. That would be key difference J. J. says adverse events. Events like illnesses aren't expected part of clinical studies but if they do find out, yeah, it was the placebo. Well then. It goes without saying. Apparently. It's not always immediately available for that but I read through that a lot because it it seems to me like you'd be able to figure out pretty quickly it to shutting down your entire thing if this was somebody who got the placebo. That's why it's called the blind, a double blind study or whatever you want people knowing who? Didn't. I guess somebody knows I hope so or else you get. Jeez. Yeah. Wow maybe. Striking, about this, this is now the second one of these that we've had AstraZeneca's you know put a hold of briefly internationally on their efforts but by the way that effort I believe is not ongoing right now in the United States. So if for example, there was a hold on the Astra Zeneca project in the United States and they separate hold now on the Johnson and Johnson one minute. It's not this is not a whole. Holistic. Pause. Right. A pause, but there was a I the point I was trying to make was there was a pause if you WANNA use the word pause and hold I know there now there's a distinction between the two, but there was also a pause on the Astra Zeneca program in the United States if they're also pause on the Johnson and Johnson Program in the United. States then you're then you're now down to Pfizer and Madonna as the most promising. The only other two that are even ongoing when you think about the time line for when these things become available, it could become more challenged. I I would. I would wait until. You know. That's not like you to find the negative part of it, but I mean I. Came back. It's not I hadn't realized I. Don't know if you want. I not. Not a spinal thing like the other one I understand that. Thousands of people in all these trials and you're talking about two cases that you don't even know we're going to result in Holt. So it made push it out to ask what if the dates maybe bad possibly, what possible what have you imagined that would have you imagined that the Astra Zeneca program would be running everywhere else in the in the world except the United States right now I I haven't thought realized that tried to mad and haven't tried Ed Needs is this means it's going to be the Astra Zeneca program to become available here at the United States in any kind of similar time. That's the point. For more on the news from Johnson and Johnson. Let's bring in Dr Zeke Emanuel. He of course, the former White House health policy advisor under President Obama he's now vice provost of global initiatives at the university, of Pennsylvania, and he's currently an informal adviser to the Joe Biden campaign and the Covid nineteen and Vaccine Recommendations. By the way he just co authored a research letter for the Journal of the American Medical Association comparing us, covert fatalities to those of some larger OECD countries to talk about that in just a moment. But Dr Manual let's start with this news from J. and J. Does this concern you? Well, any time? There's a serious adverse event it has to concern you but I think as. J. F. O. explained. You know you have to let the process evolve you have to actually examine carefully what the? Situation is the adverse event is related to the vaccine or placebo. Related to something else a pre existing condition, and so those are exactly the kind of questions at. Researchers will look at and try to uncover in the next few hours. And then we'll find out more. If it's in the you know arm with of the vaccine it does raise serious questions because you only have a few thousand people in the study like this one adverse event is serious especially when you're considering a vaccine that you're going to roll out to tens, hundreds of millions of people maybe even billions of people. So you know. That's the that's the ultimate concern, and this is actually standard process. For every research study you get a serious adverse event, you investigate it, it happens all the time. It's just the world's not always watching. So closely to see what the developers are excited worth pointing out that the the CFO of Johnson and Johnson also pointed out, they don't know any of these answers because they have turned it all over to independent investigators, and that is what kind of beefs up the credibility issues around those. The CFO himself has no idea even though this was thirty six hours ago whether this was in a placebo patients someone who actually received the vaccine will continue. That they've been carefully collaborating with the NIH on this trial and you know that I also think should give the American public. Some reassurance at this is going to be done thoroughly and to the highest scientific standards might detrimental. Let's talk about that paper that you wrote. You found that the United States did have higher death rates from Cova. I think the big question is was that something that was taking place very early on in the pandemic and that has improved since then and what have you found? Tell us a little bit about your study. So what we did is to take the United States mortality from it. Compare it to eighteen. Countries a high income countries like Japan and Australia Canada and Jeremy and also the countries that were hit very hard at the start Italy Spain, France and other. European countries. And we looked at the whole period and compared to most countries We actually the United States has done poorly even if you include the early phase but if you exclude the early phase March and April when every many countries were overwhelmed especially places like Italy and Spain. And you exclude them and then look say may after countries have experienced, got their arms around how to manage this of virus. I turns out the United States at extraordinarily bad even compared to places like Italy a we had from. May Tenth. To today roughly ninety thousand more deaths and we should have had we followed Italy scores ninety thousand Americans who died needlessly. As I have pointed out before Italy didn't have anything special or different in terms of Treatment Vaccines Diagnostics compared to the United States, what they have is better public health. Implementation of the public health measures, and that actually is a could could have saved tens of thousands of lives in the United States. and. We can see that when we compare our experience to those of other countries. What are you talking about in terms of reactions? You mean people wearing masks, you mean contact tracing do you mean testing that's put out? How much this you think falls on the healthcare system. As a fault and how much of it rely falls on public policy reaction to it. How much falls on just citizens following the rules well. It's all of it, but it's mainly the public health response in public policy. It really is implementing those public health measures, countrywide with fidelity. And then slowly reopening. So you do have to have social distancing you do have to have a trying not to go indoors. You do have to have having crowds less than twenty. You do have to have wearing face masks doing hand hygiene and focusing your testing and contact tracing capacity first of all, building it up, which we never did successfully in this country, and then focusing it on hot spots because we know this virus breaks out. A super spreading events it's not the usual person to person to person you know eighty to ninety percent of people will not pass this to anyone. Ten percent to twenty percent of people 'cause eighty percent of the infection. So you have to be able to identify them and quickly suppressed that we never built up that capacity the federal government under president trump punted it to the states and then states did very different. Things had Florida right now as rapidly opened up restaurants and many other things and a lot of us are expecting super spreading situations in Florida. We've seen. Places that kind of ignored? This up and down the Midwest saying Oh it's not here. Now having very high rates of cases we've had thirty one states that are going up and not down which is a very worrisome situation going into the fall and we're going to move inside. It's going to much easier to pass this virus along. And a lot of us are seriously worried about the consequences hazy I'm trying to do whether that was apples to apple. So when in May in the United. States. We got we got a later start right in Europe and by May they're already seeing. Progress over in Europe did you adjust I'm not sure whether you adjusted for that because we were right at the height. Close to it in May still and and they were on the downside in. Europe is. Standardized that in a way or wrong on that or or because we were going to have a lot more. A lot more deaths in in May than they would because they they were they got it a lot earlier there. Then I have a follow up question to. That is a super sophisticated question and you're one hundred percent, right we started a week or two later than European countries like Italy France But if you make that adjustment, it makes a slight difference not. Difference Yeah. So it's not it's not. Our peak was in May and their peak was in the end of March early April. In fact, our peak was earlier in April. and. By, by May tenth, we should have gotten our arms around and then also in our paper, we look at June seven and subsequently, and even if you look at June seven, we have tens of thousands of more debts that other countries like again the Netherlands France Spain. Italy. So we've done poorly, and by the way our data collection goes through mid September. So we've done poorly even with the August blip because of the. Spring summer vacations in many European countries where we know people like Silvio Berlusconi in Italy partied and ignored all the recommendations and got cove it So we have done badly even after even if you include the fact that we got this about a week or two later compared to other countries that was a very good question typically on the high level statisticians or clinical researchers ask that kind of. I don't with. Feeling so good about myself. All of a sudden the problems we've had here the number of cases the number of that's a number of hospitalizations was not inevitable. It was a result of bad public health measures being implemented or not implemented as the case may be and you can see this repeatedly states seeming seeming to learn nothing like Florida rushing to open up restaurants bars when we should be slowly slowly be opening. Detrimental very quickly. It I guess we do have time for one more question how how much of an impact do you think a Americans healthiness versus other countries have how do we rate just in terms of underlying co morbidity is that might be there well, it's a mixed bag for one thing our population skews younger than most European countries, they have a much older population more people over sixty five. And we know that older people tend to die from this disease unfortunately we have more co morbidity in terms of diabetes in terms of obesity, but they have more Komo British in terms of lung problems because they have higher smoking rates in the United States Net Nan. It probably comes out in the wash but we're going to have to do some more. Rigorous Studies of the CO morbidity situation and the age distribution of the population. But I don't think it's GonNa be tens of thousands of deaths. It might be a few thousand maybe even ten thousand but the overwhelming response effect that about half of our deaths or unnecessary that's not gonNA come out because of small differences in co morbidity between our countries and their country. Zeke thank you very much for your time. It's really great talking to you. Thank you very sophisticated questions this morning.

United States Johnson Astrazeneca Italy Europe J. J. Florida Dr Zeke Emanuel Obesity President Trump NIH Journal Of The American Medica Midwest CFO Holt Pfizer Apple Silvio Berlusconi Italy France
Johnson & Johnson Pauses Covid-19 Vaccine Tests

Mark Simone

01:06 min | Last month

Johnson & Johnson Pauses Covid-19 Vaccine Tests

"Street stocks are pulling back a bit after yesterday's rally, despite better than expected earnings from a wide variety of banks and financial institutions, BlackRock standing out, among them, the market's still pulling back this morning in the absence of any further stimulus evidence coming out of Washington, the market looking for more money to support the economy, even as some companies are doing better than expected with respect to corporate profits. So we have markets moving down a little bit. Europe is also on the soft side. Of course, Last night the headline that Johnson and Johnson temporarily paused its vaccine research because of an adverse impact on one of its patients. We don't know whether that person was on placebo are actually receiving the vaccine that hit the market last night, and we've seen a bit of a pullback. They're as well inflation data in line with expectations this morning and the market working through a variety of different issues. We have oil prices rebounding, gold and silver are down interest rates tipping back a little bit lower. The yield on the 10 year Treasury back to three quarters of 1% while the dollar slightly weaker against key foreign currencies here in the early going apple, introducing a new iPhone the stock down after being up big yesterday and the Tamas on Prime day as well.

Johnson Blackrock Washington Europe Apple
Trump tax returns: How rich Americans avoid taxes

NPR's Business Story of the Day

03:32 min | 2 months ago

Trump tax returns: How rich Americans avoid taxes

"A New York Times investigation into president trump's tax returns found that in some years he paid little or even no taxes. Now, he is not the only rich person to not do. So the tax code favors people who live off of investments including a lot of people in finance who run hedge funds or manage money. Here's NPR's Jim Zarroli. Morris. Pearl is part of the one percent. He's a former managing director at the giant investment firm blackrock. He has an apartment on New York's Park Avenue, and he lives off his stock investments. These days Pearl says, the taxes he pays are lower than ever I. For instance, have not worked since twenty fourteen. All of my money comes from investments I'm doing fairly well, but my tax rate is in the teens. That's right. He pays a lower tax rate than the average teacher or letter carrier Pearl is a millionaire even chairs an organization called. Patriotic Millionaires, and he thinks the way the tax system works is disgraceful. Our system allows rich people particularly real estate developers and investors to pay far lower taxes and people at work for a living US tax law was designed to be progressive meaning the more you earn the more you pay, but it doesn't always work out that way when president trump was running for office, he promised to overhaul the tax code. It is riddled with loopholes that let some special interests including myself in all fairness is gonNA. Cost me a fortune this thing believing. Belief. This is not good for me. The tax bill trump ultimately signed into law in two thousand seventeen got rid of some deductions and loopholes, but it retained one provision that mostly benefits rich people as Earth tax loopholes go one of the more known textiles because it is. So ridiculous Charles con is with the strong economy for all coalition, a group of community and labor groups. He says people who live off investments such as stocks and real estate are taxed differently than people who earn salaries, but instead of paying the income tax rate, which could be as high at the thirty seven percent. They pay capital gains and the capital gains tax rate tops off at twenty percent. Trump's tax bill also retained another very controversial provision. It allows money managers and hedge. Fund titans to take their salaries as investment income meaning they pay that lower rate. Trump insists that his tax cuts helped fuel an economic boom at least until the corona virus hit here he is at his State of the Union address. Soon, after signing the bill, we enacted the biggest tax cuts and reforms in American history. But Economists William Spriggs of Howard University says the bill kept some rules in place that benefit the rich especially people such as president trump who made their money in real estate and sprigs says that by cutting corporate taxes, the bill helped fuel a long rally in stock prices and that's benefited the rich even more people owning stocks where the big beneficiaries because their income was going up whereas wages stagnated even through the recession, the stock market has continued to do well, people who own stocks have seen their portfolios grow and they continue to pay much lower taxes on the prophets they bring in.

Donald Trump Pearl Managing Director President Trump New York Times New York William Spriggs Blackrock NPR Jim Zarroli Titans United States Union Charles Con
Houston Texans get defensive in 2020 NFL draft

Joe Pags

00:25 sec | 7 months ago

Houston Texans get defensive in 2020 NFL draft

"The Texans got defensive in the draft after sitting out the first night of the NFL draft the Texans had two selections on day two with their second round pick they stayed close to home taking TCU defensive tackle Ross Blacklock who is from Missouri city blackrock was a first team all conference selection last season and his dad Jimmy started U. T. and then with the Harlem Globetrotters in the third round the Texans stayed on defense by taking outside linebacker Jonathan Grignard from

NFL Jimmy U. T. TCU Ross Blacklock Missouri City Harlem Jonathan Grignard
2020 Burning Man Canceled, Virtual Black Rock City Staged Instead

KNX Weekend News and Traffic

00:34 sec | 8 months ago

2020 Burning Man Canceled, Virtual Black Rock City Staged Instead

"Burning man the latest big event to be affected by the corona virus it will not be held at Black Rock city in the vada desert over public health and safety concerns Marian Goodell the CEO for burning man says the event will be held virtually instead if you have a ticket now you have a ticket to virtual blackrock city in the multiverse and if you don't yet we will make that opportunity available for you within the coming weeks Adele says that they expect this to be a tough year because much of the nonprofit's finances come from ticket sales each year but they hope to bring the event back as normal in twenty

Vada Desert Marian Goodell CEO Adele Black Rock Blackrock
Chicago sports fans and athletics still trying to cope with the pandemic

AP News Radio

00:42 sec | 8 months ago

Chicago sports fans and athletics still trying to cope with the pandemic

"The sports world is obviously on hold and it's no different here in Chicago whether it's the winter sports that might not resume or the summer sports which will at the very least be delayed everybody sits and waits to see what happens we caught up with two of Chicago's more prominent athletes in and listed there thought starting with white Sox starting pitcher Lucas Giolito we are in the middle of a crisis you know we can't force the issue we have but let everything run its course and it's no different for blackrock centering captain Jonathan tastes who has his fingers crossed right now it's coming gathering family and friends in the community and no way to say you know go do what we gotta do and we'll get through it the athletes want to perform for the fans but when that finally occurs nobody knows David Shuster Chicago

Chicago SOX Lucas Giolito Jonathan David Shuster Chicago
Jack Welch, GE's legendary CEO, has died at 84

Marketplace

02:27 min | 9 months ago

Jack Welch, GE's legendary CEO, has died at 84

"Jack Welch died yesterday the long time chairman and CEO of General Electric one of most celebrated executives of his day was eighty four years old the legacy well sleeves is complicated it will be debated and case study to four years in particular the way he changed what American companies do profits above all shareholder value first in line marketplaces Katong has them General Electric once upon a time explicitly serve many masters workers research labs and last of all shareholders that's according to company documents in the fifties by nineteen eighty one in came a new boss Jack Welch he slashed underperforming divisions and workers he spoke at MIT in two thousand six you bring a man you say look this isn't working you're in the bottom ten United again in my money here let's over the next year get your move on my then cutting costs and pleasing shareholders was in vogue in Wall Street and work for G. its stock way out perform the market during the Welsh decades of the eighties and nineties Nicholas Heymann is long time G. analyst at William Blair she had no problem redefining the landscape and what would work and in that sense standout became kind of the Paul Bunyan of shareholder value creation shareholder value often came at a cost to workers it undid the post war corporate social contract says Rick warts but not the Drucker institute his book is the end of loyalty G. and vaporized about a hundred and seventy thousand jobs under Welsh up until that time only the term downsizing it really entered the American vernacular yet these kind of huge mass layoffs were still seen as pretty scandalous when will step down in two thousand one jeep your allied heavily on its finance arm GE capital which will build up and when the financial crisis came years later the company got hit hard law professor Margaret Blair at Vanderbilt's is that's when we'll just tone seem to change as the company got into trouble he conceded that maximizing share value is not always the smartest thing to do D. adage suggests that he changed his mind over time he must have begun to see if there were big problems in the underlying business well she may have been on to something today leading groups including the business roundtable blackrock and the Davos World Economic Forum are rethinking the shareholders first model in its

Paul Bunyan Professor Blackrock Vanderbilt Margaret Blair Ge Capital Drucker Institute Rick Warts Jack Welch William Blair Analyst Nicholas Heymann MIT Katong General Electric Chairman And Ceo
Chicago: Blackhawks Trade Away Robin Lehner, Eric Gustafsson

Roe Conn

00:31 sec | 10 months ago

Chicago: Blackhawks Trade Away Robin Lehner, Eric Gustafsson

"For two and a half hours past the NHL trade deadline the Blackhawks making a pair of moves robin Lehner dealt to Vegas that's according to multiple reports in exchange the hawks will receive a second round pick goalie Malcolm soo ban and prospects lava Devon defenseman Erik Gustafson also on the movie was traded to Calgary for a third round pick in this year's draft customs and recorded twenty six points in fifty nine game the hawks this season something blackrock sellers today's the stand he points out the wild card with just twenty games remaining on their schedule they visit Saint Louis tomorrow we'll have that came here on

Blackhawks Vegas Hawks Calgary Saint Louis NHL Robin Lehner Malcolm Soo Devon Erik Gustafson Blackrock
Indexes hit record highs as virus fears ease

Bloomberg Markets

00:46 sec | 10 months ago

Indexes hit record highs as virus fears ease

"Lisa stocks up to record again tracking European and Asian stocks iris optimism grows to the global economy can recover from the impact of the coronavirus amid signs the spread of the illness is slowing crude oils rowing and treasury you're down Kate more blackrock shows Bloomberg they are over weight U. S. stocks I will tell you when we're investing in Europe in particular really being selective or not it's it's hard to pry the broad market the European stocks and the companies that are generating good growth have a good globally diverse sales that are geared towards like say China and the consumer in our training in a massive premium to the rest of the market cruise giant carnival warns the coronavirus crisis we'll have a material impact on financial results as the leisure industry reels from quarantines travel restrictions and growing fears but carnival's up one and a

Bloomberg Europe China Lisa Kate
BlackRock fails to assuage climate critics with Fink's promises

Bloomberg Daybreak: Europe

00:17 sec | 10 months ago

BlackRock fails to assuage climate critics with Fink's promises

"You blackrock has promised to put climate change consent that the center of its investment strategy but that didn't stop activists from storming its powers of his estate protesters advocated the premises spring red paint on the floor wasn't covering bulls in graffiti the firm has seen protests in other cities over the past

Blackrock
Climate activists invade BlackRock office in Paris

Bloomberg Daybreak: Europe

00:22 sec | 10 months ago

Climate activists invade BlackRock office in Paris

"In Paris blacks walks office was briefly barricaded yesterday point climate activists they sprayed red paint on the floors and cover the war as with graffiti before leaving the premises of the world's largest asset manager youthful climate phone said in a statement that it is targeted blackrock forts investments in companies that damage the environment listing BNP Paribas

Paris Bnp Paribas
Why The Rise of Passive Investing Might Be Distorting The Market

Odd Lots

09:54 min | 10 months ago

Why The Rise of Passive Investing Might Be Distorting The Market

"Hello and welcome to another episode of the odd lots podcast. I'm Tracy alloway and I'm Joe Weisenthal. So Joe I tweeted something recently early and It provoked a large response on social media. It's weird how that happens right. You tweeted something that provoked a response. I I find it very hard to believe. I know it's outrageous but I was talking about. Have you heard of the fire of movement. Yes vaguely like I am familiar with it. It's has to do with people Retiring early right. Yeah so it's fire as an F. R. E. and it stands for financial independence retire early and the basic idea is you can save a lot of money and if you invest it wisely you can retire at an early age like in your thirties and supposedly it's it can work out for for. Even normal people are people on normal normal salaries. We're not talking about really wealthy people and the thing that I always find really interesting about. It is when you go and read about how people are actually investing investing that money so that they can retire early. They're almost all talking about doing it themselves. And be through passive investments events like. ATS right exactly right. So people think they live frugally. They they work for several years. They live frugally. But but then they sort of have this confidence that historical returns that we've seen in stock and bond markets throughout the world will always be there for them in the future and so they just put a bunch of money in passive. ETF's or you know it passive ish ETF's and then they count on that existing for the rest of their lives and then they do something. I don't know they go on. Read it or tweet for the next from thirty five until that's right and the reason I find. This wasn't so bad to me to be honest I would be. I would do that if I if I had confidence. You can see the going up for sure but the reason I find it so interesting. From a market perspective is to me it hits upon like a number for a very very important themes but really it hits upon this question of whether or not the fire movement can exist without the bull market that we've seen for the last ten years right like it's very easy to say dump all your money in something like You know a vanguard total stock market. ETF and just watch it soar. When that's the thing that's been happening for years and years and years? Well I'll say two things. One is certainly raises. The question about whether this subculture can continue to exist but it also raises another question about people who aren't in that subculture but in a way have defacto in fact he'll bought into because this mantra that we've gotten from Sort of the media and fund management industry is okay. Most people aren't saying you should try to retire at thirty five or forty but this idea never try to time. The market never pick individual stocks. Just have a broad diversified provide basket of ETF that you may be rebalanced every once in a while has become so intense and extreme and everyone's being pushed to invest like that so even if you are one one of the fire people on read it it still raises the question. Of how much is everyone else who is not planning on per se. Retiring early. Essentially bought into Olis' extreme version of the same story absolutely and you'll see a lot of the investment advice set. The fire people talk about is actually very very similar to advice given to people generally generally when it comes to their 401k's and stuff like that passive is supposed to be cheaper. It's supposed to be much better. But what if there's a downside to passive of investing we've spoken about active versus passive on the podcast before but we haven't done that much on how passive investing might actually be changing the the way the market functions. No absolutely and it's such an important question given as we've been talking about how many people have portfolios in which the only action they do is just add to the same basket of three or four. ATF's every single month working lives. It's been fantastic since the crisis with incredible rally in stocks and bonds simultaneously but as they say Past performance no guarantee of future returns. This is true all all right. Well I'm happy to say that we have the perfect person to talk about this today. our guest is Mike Greene. He's the chief strategist and portfolio manager over at Logica a capital investors. Mike thanks for being on. Thank you for having me so I guess my first question is. How did you get interested in at this? Particular area examining the impact of passive investing on the broader market. Is that something that you are observing in your sort of day job. Well the way I think of my day job is to really try to understand the market structure. I'm not a traitor in the traditional sense wasn't trained on a prop desk or anything else and so you know I've always managed to make money by trying to figure out. Actually what people are being forced to do. What is the incentive structure? That's causing people to do what I think is fundamentally irrational rather than just saying. Hey they're crazy using stupid and this eventually stop the opportunity to dig in and understand. Actually the incentive structures that have been created the restraint requirements requirements for people to engage in certain transactions whether it's from a regulatory framework or whether that's from a an institutional framework basically built into their Prospectus this ultimately that can create the opportunity to identify trades that you think are irrational and have the potential to break as that behavior is brought to its logical extreme. That's how I stumbled onto this stuff. So what are in your view. The big structural trends or the big structural impositions on individual investors or pension refund or any other entity. That has a lot of money that are all causing people to sort of invest in the same way right now one of the big the key ideas here. So there's a couple of Keith. Things the first is is that the growth of passive investing has has been well documented right and the narrative behind the outperformance fundamentally built around the work of of Bill Sharpe. who was the father of of the sharp ratio The cap M Formula Etcetera His paper in Nineteen ninety-one called the arithmetic of active management management. Is this analysis that we've all heard that says fundamentally passive investors by definition are only matching the active investors in terms of their overall allocation. And so the difference is just GonNa it'd be fees which means that the active managers underperform. Everyone accepts this Today because we've seen the evidence of the outperformance of passive but very few people take time to go back and actually look at the construction of the problem. The assumptions that existed under that the assumptions are just absurd right so in in the definition of what a passive investor is according to Bill. Sharpe is that pass. Investors hold all the securities on the market. How do they get in? That's magic out of the get out. That's also magic. They never transact right the minute they transact they ceased to be passive investors and as we know passing vehicles or feeling with billions and billions of dollars of inflows on a daily and weekly basis there in the market transacting. They are the single largest trans actors actors. By far and as a result they have to be influencing the market they cannot be passive the fundamental premise on which this whole idea is built is flawed right. The second thing that has happened though is because passive investing has grown so large and so powerful. The resources to engage in lobbying efforts to institutionalize passive within the framework has expanded dramatically. Most people have a cursory familiarity with things like 401k plans. IRA's vast majority of Americans have some exposure go through their employer to these plans. Those rules have changed over the years. Through the lobbying efforts of passive players vanguard and Blackrock to inculcate passive of strategies into these vehicles under the premise that this is the best possible vehicle for the vast majority of Americans to invest in and it had the effect of creating this crowding crowding that is further accelerated the performance of the benchmarks that these are ultimately tied to Oman. Sorry there's so much just in the first a couple of minutes That I find really really fascinating. Oh why don't we go back to the first point. which is this idea that? When we're evaluating the performance silence of passive versus active where not actually taking into account the way that passive can influence the market? So how are you seeing passive investing actually impact the market. Now we're seeing it in a couple of different ways right One is that we're seeing a distinct performance advantage that is being created for those securities that are in indices that are being invested into by passive investors. This is fairly well studied phenomenon in terms of the dynamic. What's called index inclusion? So we have one off events in which we can look at securities that have been put into an index or have been injected from a widely traded index. And we see either. There is a distinct and permanent shift in the valuation the price levels associated with those securities. Mrs Well Documented Academic Literature with the literature editor has not studied is the dynamic of the continued inclusion the continued flow of capital and that becomes a harder problem because suddenly they're on par with all of the other constituents students in the index and they're all experiencing it all right so I I gave a speech several years ago in which I compared it to the David Foster Wallace. This is water right. The medium him in which we're actually participating as being skewed by the behavior of these passive flows.

ETF Mike Greene Joe I Bill Sharpe. Tracy Alloway ATF Olis Joe Weisenthal F. R. E. David Foster Wallace Oman Sharpe Editor Blackrock Keith Chief Strategist Portfolio Manager
"blackrock" Discussed on Climate 2020

Climate 2020

08:16 min | 11 months ago

"blackrock" Discussed on Climate 2020

"Ditch coal companies and that's great but there's still huge investors in oil and gas. So so what's the big deal about. Larry fix letter. Would you say well you know. So you're talking. There's a second letter that he sent into his investors. This time. That was really interesting and it was much more detailed about. Here's what we're GONNA do and yeah they talked about pulling out of some you you know. Companies that had more than twenty five percent of their revenues from thermal coal. It was you know it wasn't as far as they probably should. There's other banks basically saying we're getting out of coal mostly because calls a horrible investment and he says that in the letter. They're moving away from fossil fuels. Because it's just it's not a good investment going forward so he's saying that if we don't manage climate and the and the the footprint of all of our businesses in the economy that we're going to see these devastating changes to the economy and that it's now fiscally responsible to do something about it that this is just not been said this clearly clearly in the financial world again for decades. The idea of pursuing sustainability or climate action has been seen as anti kind of anti-business and against fiduciary do share responsibility. He's flipping that script and a really very key way and if he backs it up. If they're you know they back it up through the actions of changing how how they invest and how they define things in their transparency in all the things he talks about in the letter to his investors. Then it's profound but you know there's a lot that remains to be seen about how they how they really rolled this out. Let's talk about the third passage that you cited the the one that deals with the why. Sure so Larry think has I think laid out in his in his letter quite a few reasons. Why he's saying this but a couple caught my eye so he says last September when millions liens of people took to the streets to demand action on climate change many of them emphasize the significant and lasting impact that it will have on economic growth and prosperity a risk that markets to date have been slower to reflect but awareness is rapidly changing? And I believe we are on the edge of fundamental reshaping of Finance Andrew. We spoke to someone recently who was active given the sunrise movement. WHO said that? Who really takes this letter as a great victory for outs for outsiders for activists for those who've been pressuring blackrock got to change? But Larry think himself has has minimized the impact of of activism incessant. It's really what he's getting from the CEOS of his companies companies and what he gets from just figuring out the long-term prospects of any company that's involved in making the climate worse. So who's right. I mean how much does do the activists have to do with with what blackrock justed do you think you know. It's always hard to say but I think the activism That's been building for years it. It drives a moral argument. A moral case I mean the the divestment movement For a number of years pushing on these investment firms but you know schools universities. It's never really been about if you take money away for oil and gas. It's going to kill their stock. It's been about making them Something you don't want to be associated with that it's there on the wrong side of history. They're they're causing damage. And I think that's actually been effective over over time and so you know it's interesting that he mentions people take to the streets. It's hard not to notice millions of people and kids and so I think look he's making the the financial case but ladies. It's interesting that he mentioned this to say societal changes. I mean look norms change right. Societal norms change things become unacceptable. That used to be acceptable acceptable. And I think we're reaching that point very clearly on climate you know a few years ago you know. LGBT writes in corporations really hit very quick tipping point and the Supreme Court said you know gay marriage is legal. That was incredibly fast. You know after forty years of lead up and the same thing has happened with climate. There's been decades of work but you you know you've got teenagers and young twenty taking to the streets and saying you're screwing up our future and he's you know recognizing that that they're under pressure and frankly the younger members members of their customer base. You know what I've heard in the financial community over the last year or two. Is that the private wealth. World is pushing for impact from their money and wants to know that they're doing the right thing and it's often. It's really the younger members of those. You know wealthy families. So that's you know millennials Gen Z.. So they feel it from their customers and he talks about that and that's tied very closely to this this idea of the youth marching in the street so I think it matters. But I'll tell you when I you hear from executives a lot like why are they may be going down a different path. It is often very personal. It's it's it's it's not just kids in the street. It's their own kids right. They have millennials and Gen Z.. At home and they're hearing it. They're hearing these questions about what's your legacy. What are you working on? Where are we headed so I I think? Of course. It's it's helped push this because it's changed what is expected About Business and bankers and money about the role in society so Andrew despite the devastating lack of action on climate on the on the national level in the national political level. Well what is it. An announcement blocks do in terms of moving the needle on this question. Well it certainly undermines I think one of the the grand statements in the climate denial or the climate go slow community particularly the the political world. It moved from. This isn't happening. It's a hoax too okay. It's happening but maybe it's not all our fault it's not Humi- There's you know the climate changes and there's there's this very common thread of it's happening but it would destroy the economy to do something about it. I I've heard that from senators from business. People will destroy economies and it is really hard to say that when the CEOS of the world are signing up for science based targets and You know massive moves to renewables and the guy who who has the most money under management says it's actually going to destroy the economy to do nothing like climates going to destroy the economy. Doing something about it is the path to long term value creation and thriving. How can you stand there and say oh you know the business community hates the financial world hates us because it's so expensive when they're not saying that anymore and they're actually saying this? Is the path forward for us. I think it it makes it very difficult to be a political denier. You just have nothing to stand stand on anymore Andrew thank you so much for taking time to talk to us today. I'm glad to be here. Thanks for having me again. That was Andrew Winston author author of the book the Big Pivot Jeff. A lot is happening. Here what are you. What do you make of Andrews take that pressure campaigns generational shift in finance and legitimate? Uh Risk are all coming together influence a big decision like this. Why thank Andrew? Has It exactly right again as we've talked about Ler said he didn't respond to activist US pressure. But that's not right. He did he clearly did but he is also recognizing That there is a generational shift and finance and that there is legitimate climate risk underlying a lot of the financial portfolios these companies as well as the financial institutions that lent to them so enders got just right and I think this is a a great arbiter for for what we can see to come in the financial world. You know I really see this black rock action as a as a turning point in a way that a lot of all the things that have happened up till now really haven't been I mean they're so powerful. They are represented as owners in most of the fortune. Five hundred companies if not all of them and and I think it's going to be hard to turn back after this I do and not to dump on Davos much but Larry Fink and black. Rock made this decision And announced is it in a letter to its investors not at Davos and not in these big international climate meetings I think that's an interesting Formula for the future sure. Put the pressure on these companies. Make it transparent force the issue force them to be realistic about the climate risk. And then keep up the pressure. I I think that's an interesting formula for success..

Larry Fink Andrew Davos blackrock fiduciary US Supreme Court Andrew Winston enders Ler Rock Andrews
"blackrock" Discussed on Climate 2020

Climate 2020

03:31 min | 11 months ago

"blackrock" Discussed on Climate 2020

"Walk through some of the things that have happened some of the some of the stages of this whirlwind you had protests popping up in London and then you had people in in New York that had been protesting for months and all the sudden hundreds of people are showing up at these protests black. It's time to get off of it because they're really seeing the rule that block rock is playing not only in what's happening happening in the Amazon but also what's happening in the coal pits in Indonesia in the tar sands fights happening in Canada. It's really is sort of through line to a lot of these issues in block. Rock is one of the universal players in that story so that really created this groundswell of grassroots pressure. Sure this is an issue that Larry Fink talks a lot about he talked about it again. This year This sort the importance of what the next generation of investors are GonNa do what they care about so I think having thousands of young people showing up a block headquarters again a company any that was virtually unknown to most climate activists about a year and a half ago. I think it was a really important moment that we should that we should highlight right. You Know Diana in a in a recent interview that Larry did with Henry. Ross sorkin he was asked about whether this public pressure from the outside was a major factor in black rocks decision and then he said it really wasn't he said that You know it was really a financial decision. And it was Based based on their perception that climate really was a do -ciary risk to their shareholders. So so what's your reaction to that to. Larry thinks saying that you know that outside. I really didn't have much of an impact on the company. I think there's been incredibly strong evidence for a long time. That climate change has a significant financial control risk that both the physical and transition risks of climate change will impact investment portfolios will impact the economy. Moving forward this is not a a new concept. What's new is Larry? Fink and the rest of his executive team actually giving that the credit and significance that it deserves as they design their strategy. He moving forward. I don't think that happens overnight and I don't think that happens because all of the sudden the Intel is out there and it makes sense from a financial Roland fiduciary standpoint to be shifting this right now I think another thing that Larry King pointed to in that interview was the groundswell of attention attention. He was getting from clients and I also don't think that happens in a vacuum the grassroots pressure that block was under helped to create the environment and the sort of Echo Chamber whereby clients felt that they could actually be demanding better products from block rock shifting sustainability approach etc.. So whether or not Larry Fink sort of attributes his actions to the work of facing a ton of both personal pressure over the last year and a half as well US pressure on his company at large. I do think it made a really important kind of critical pressure pot for blackrock to be able to make those changes Dinah. Thanks so much congratulations on this. It's really an amazing story. Dina best is a finance campaigner at the sunrise. Project.

Larry Fink Larry Larry King Ross sorkin Rock US Indonesia New York London Canada Dina best Amazon Intel Dinah blackrock Echo Chamber fiduciary executive Henry
Business leaders see the light of 'moral capitalism' at Davos

Marketplace with Kai Ryssdal

02:29 min | 11 months ago

Business leaders see the light of 'moral capitalism' at Davos

"World Economic Forum in Davos is well it is what it is right. Lots of very important people talking about very important things with very debatable actual results so that's important certain context but day one this year today did put a special focus on climate change. And if you've been keeping score the past number of months a lot of companies are actually actually out ahead of all the VIP's The starbucks said today. The Coffee Company would and this is a quote give more than we take from the planet Microsoft promised as we reported yesterday that it's going to recapture all the co two it's ever emitted jetblue says it's going to go. Carbon neutral offsetting what its planes bump into the the air. The investment firm Blackrock as we reported the Federal Reserve the Bank of England are all talk and climate change now so marketplace's Nova Sappho gets is going with Y business. Business and finance are increasingly going. Very shades of green business is having an environmental moment and Vilis Zeller has noticed in the last few through months has taken off boy Zim their tracks the economics of climate change at the new school. He says one reason for that. Acceleration is that disasters art art in the news and some people has no to something has to be done. A recent survey found that three in four Americans are now worried about climate change. That's an all time. High says Anthony Liser Woods of Yale who co published the results many companies are scrambling to try to respond onto this shift in the political social and cultural climate of climate change and the financial risks. It poses starbucks has promised to go what he calls resource source positive. Regenerating more natural resources like drinking water than it uses up. Laser would says companies are responding to pressure from within two employee's want to work where climate change is taken seriously. These kinds of attributes become really really important in trying to attract top shelf talent but what are companies actually promising with terms like carbon negative carbon neutral sustainable Edward Maybach who studies climate change communication at George Mason University. versity says that's a good question. Part of the problem with sort of the whole greening of the corporate sector has been the fact that the terms have been very very vague which Maybach says can make consumers skeptical. I'm Nova Sophos for

Starbucks Vilis Zeller Davos Maybach Edward Maybach Anthony Liser Woods Nova Sappho Federal Reserve Microsoft Blackrock Coffee Company Bank Of England Jetblue George Mason University. High
Microsoft taking a $1 billion shot at climate change

Marketplace with Kai Ryssdal

07:59 min | 11 months ago

Microsoft taking a $1 billion shot at climate change

"We begin today with the state of the planet which is also the Corporate Zeitgeist of the moment. The fancy executive Shindig in the Swiss Alps known as Davos us is underway today and for the first time a survey of participants in the World Economic Forum Davos official title ranked Climate Change as. Is there top set of business concerns also last week Larry thanks. CEO of BLACKROCK. The world's largest asset manager told business leaders that the company would prioritize more sustainable ainable investing and then on Thursday Microsoft announced plans to become carbon negative by the year twenty thirty and is investing a billion dollars in carbon removing technologies. Microsoft said. It hopes that by twenty fifty it could remove as much carbon as it has generated in its entire forty four year history. Sorry Lucas Joba is the chief environmental officer at Microsoft. And he's here to talk about this plan. Lucas thanks for joining me. Thanks for having me on my. You've pledged to invest invest a billion dollars and also to sort of pivot efforts in the direction of removing carbon and technologies. That can create resilience to end sustainability. But also so literally remove carbon and I wonder what some of those technologies are. Have you identified investment opportunities already. Well I think first and foremost evolution is already already provided some of the most powerful removal technologies of all through processes like photosynthesis. So some of the work that will be investing in. We'll be in what's called nature based solutions through forestation reforestation soil carbon sequestration. But also we'll be looking at Negative emission technologies like direct air or capture carbon capture and storage bioenergy. And what we're really motivated to do is to ensure that the capital that we put out is as additional well as possible is it a venture fund like are you expecting to get financial returns in addition to technology that you can use. We don't expect to. That is not a requirement of the fund. We would never turn that down. I'm sure but we also don't expect to lose money. How do we know so how? Many companies are announcing sustainability initiatives than carbon-neutral initiatives. And it's getting hard to Parse who is doing what you know like. How do we know L. either in the business community or as consumers that? This isn't greenwashing. Well I think it requires diligence on the side of Stakeholders to actually spend a little time. You know understanding what companies are actually doing. I think it also requires a lot of work on the side of corporations to be as transparent and as literal as possible. So there's a reason that we're using the term carbon negative because we are saying is we are going to go below net zero on our overall carbon emissions and we can provide an accounting the thing for that we can provide transparency into the portfolio of payments that were making to remove carbon. I think the best we can do is just to be clear eyed and cold. Aw hearted accountants about this and hold up. Our balance sheets is worth of carbon to be inspected. Let's also talk about incentives. Is this becoming a move like this on some level for every business you know we've seen institutional investors blackrock say. It's going to require. Companies Staff Sustainability Stain ability plans jet blue is going carbon neutral inciting flight shaming as part of the reason. I wonder if some of this is becoming a business. Imperative imperative whether it's to get ahead of regulation or even public sentiment. Oh absolutely I think it's surprising That that businesses can operate today without meaningful incredible sustainability plans. And I do not think there is a significant future. Sure where were businesses will be able to succeed without having plans and being able to show meaningful progress. I think the black rock letter was. It was a nice example. But that's just one of an incredible number of market signals that are being sent from both consumers customers regulators employees more in the blog. Post announcing this you said climate needs to become the world's next moonshot the tech industry. That's a phrase that has bounced around the tech industry but also it's an an industry that has promised to solve big problems should the rest of the industry following this example. I think the rest of the industry needs to do what everybody he needs to do. which is to look at climate and sustainability as what is which is the largest issue the largest most complex challenge that our species has ever faced? If you're a technology company I believe that you should be bringing technology solutions to the market. That does not mean that technology solutions are the silver bullet. It just means that whatever you as an organization are good at. That's what you need to be bringing. And and the urgency has has never been greater and then how about hiring in your blog post you cite not just consumer demand but also employees demand and has this also away. Does this have the added benefit of helping you attract and retain talent for whom this isn't big concern. Most definitely I mean when you look at any poll. In the demographic traffic that will be entering the workforce you know today in the next five to ten years moving forward. This is the number one issue they care about. If you're a technology company like Microsoft is then you're probably motivated by solving big problems with scalable solutions and and if that's your Mo then you've got to have climate and sustainability squarely within your focus and your employees. The more that you do that the more and the better the employee employee base that you're going to be able to bring in. It's just going to be an expectation and rightfully so and then finally just from a business perspective. Oh you know we've seen Microsoft employees already sort of asked the company not to do business to help. Let's say improve. The efficiency of oil and gas companies Microsoft has a seven year deal with Chevron Iran. Is there some possibility that you know the aggressiveness in this arena will make for some awkward dance partners. I don't know about awkward. I think think that these are conversations that need to be had and we are committing as part of our overall announcement to include conversations about an partnerships on sustainability and carbon reduction removal with all of our enterprise customers and major suppliers market sector independent. I think that if you take a scientific or a scientist's view of the problem you leave a lot of the passion and politics politics out of it and you just focus on the job that needs to get done and if you believe Lake we do that. This problem is one. That's going to require solutions. Sion's from everybody from every organization than it would seem strange to be turning your back on any particular Sector or or customer That said you know of course these. These conversations aren't always easy aren't always straightforward. But I think that that is long as you. Just focus on the problem at hand that needs to be solved we. We've always appreciated the partnership model at Microsoft and I don't see that Changing going forward with with any of our of our existing or future customers. Lucas Topa is chief environmental officer at Microsoft. Thanks so much for talking with me. Thank thank you molly. You can hear more about how technology can help us deal with climate change in our series how we survive that's online at marketplace dot org

Microsoft Davos Officer Blackrock Lucas Joba Swiss Alps Larry CEO Lucas Executive Lucas Topa Official Sion
Worlds Largest Investment Firm To Put Sustainability at Heart of Its Investment Strategy

Business Wars Daily

03:26 min | 11 months ago

Worlds Largest Investment Firm To Put Sustainability at Heart of Its Investment Strategy

"Brom wondering I'm David Brown and this is business wars daily on this Monday January twentieth. You may have today off Martin Luther King King Day which is as good a time as any to contemplate the latest sea change in American business last week. The world's largest investment firm announced that it will now put sustainability at the center of its Investment Strategy Company. Called Black Rock also told clients that it will divest five hundred million dollars worth of shares in companies that produce. What's called thermal all cold? The kind of cold use to make electricity blackrock CEO. Larry Fink made the announcement in his yearly letter to chief executives of the world's largest companies writing quote climate it changes almost invariably the top issue that clients around the world raise with blackrock. Think also detail. The ways in which current estimates of business risk fail to account for economic onomic impacts of climate change and noted that the markets have been slow to accept these growing risks but he added quote awareness is rapidly changing and I believe we are on the edge of a fundamental reshaping of finance thinks yearly letter helped set the stage for the way business is done globally. That's because black rock managers about seven trillion trillion dollars worth of investments and its influence is everywhere that is in nearly every company and in the retirement accounts of millions of people but the new strategy doesn't simply revamped black rocks current way of doing business if the firm executes thoroughly it will be a fundamental overhaul in his words thinks as black rock will exit investments moments that pose a high sustainability related risk such as coal black rock also been tends to pressure companies to be transparent about their climate related risks and their sustainability sustainability plans. BLACKROCK will also double the number of its funds from seventy five to one hundred fifty that address environmental social and governance challenges if all that sounds suspiciously altruistic for an investment firm. Just take a look at the numbers. Think says his rationale for the shift is starkly financial simply put. Climate risk is investment risk. The Wall Street Journal reports that interest in sustainable surged in two thousand nineteen and said black. Rock wants to grow its assets in sustainable funds to a trillion dollars up from ninety billion dollars today. In part to attract more millennials investors. Besides black rock didn't make these choices on its own activists. Vists have long accused the company of having singularly poor record on the environment and pressured the firm to change its ways in November activists protested at black rocks. London offices offices dumping ashes there to call attention to fires in the Amazon. The accused the company of having a hand in causing those fires by investing in firms responsible for deforestation station according to CBS News while thinks letter takes a stand against coal. It does not promise to exit the fossil fuel business which accounts for a much larger proportion of black rocks assets. According to the Guardian. It is one of the top three investors in big oil. With last week's announcement black rock becomes the first of four

Rock Blackrock Larry Fink Martin Luther King Brom Guardian CEO David Brown Cbs News London The Wall Street Journal Amazon
"blackrock" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

07:33 min | 11 months ago

"blackrock" Discussed on Bloomberg Radio New York

"Its voice when it comes to climate change this week blackrock mention to climb as a twenty nine times in its annual letter saying climate change will up and global finance and announced a range of initiatives from eliminating investments and thermal coal to launching new investment products that screen for fossil fuels blackrock is in good company Goldman Sachs in December pledge to avoid financing coal mines in arctic exploration in an op ed it CEO David Solomon wrote that quote over the next ten years Goldman Sachs will target seven hundred fifty billion dollars of financing investing in adviser activity to nine areas the focus on climate transition and inclusive growth to us on it this is not new to you the idea that we're checking account climate issues when we invest climate issues have been around for those of and thinking about it since about thirty forty years ago and I think the term is gender term sort of impact the looking of climate as part of your economic decision making has been around the two clearly in countries that are growing very fast and using energy very fast when you came for Ron which is dependent on oil the time you studied energy basically you were a banker and energy so in the developing world so you know this area terribly well we were working on renewable energy at the World Bank in the nineteen nineties I remember going to shell and they closed down the renewable area because that was really the economics is not good nobody was adopting it and this really really exciting to see where we are now with the price of solar being so competitive with with all the other with her hydrocarbons likely I mean you know there's been a lot of progress thing I think to me an indication of a huge sieve shift is that the the CEOs of the major oil companies integrate all companies all signed the Paris accords and support the power supported president trump when he was talking about withdrawal right that this is a having been involved with this industry for a long time this is a dramatic shift that night say from ten years ago if you would have expected the leaders of those major integrate all companies to go support a climate initiative even though the sciences somewhat not completely the fine in this as in also geophysicists the minute argue the science but fundamentally if they got behind it I think is a major shift well how do you trade off the long term from the shorter term because apparently you may have to give up some profitable in the short term for the longer term health of the company it depends see this is where this is a new bill long discussion of this because in my little think think we did a study about activists and investing in have a database of fifty one thousand patients but the reason why I say it depends is because if you view the S. G. as your brand this is the brand right then it's different than you view it as an issue that because you think it's time you could be good but if you live by that is your value system and I'll give you a quick example we'll watch this thing for a smarter planet smarter planet address climate conditions the stock on the cities like that because the traffic not a long time ago we launched in two thousand eight before this was fashionable people well before that right and they had to do with climate had to clean the galley bay the Hudson River with the spells all these sorts of things those projects were every bit as economically attractive to our returns as other things we were doing I mean you can sell your technology company you can use all for all the rich we could you know but none the less we picked it I would say because you felt that there was an emerging the for smarter cities at all by the way our work force hiring the applications of IBM after lunch for Drupal and like a ninety day money this is climbing right the environment in the SG social and governance did they drive results as much as a practical matter so I think on the environment side and on energy it's not proven I think that it's cleaner sources of energy to compete in the short run and in the long run when it comes to social and governance governance has been around for a long time some in fact was leading the charge for a long long time and number of the days when and they'll millions the monks you know started I asset so this didn't use of governance the game has been around for a long time I think what is changing now is companies are actually really adopting it those who didn't care about risk management got into trouble so now it's a very important part of government and I think that the very good reasons for the government's as complicated as we are calling this because some people use government for the right purposes responsibility transparency of earnings and behavior whatever happens to be other people will use it from an acting as an investor perspective to get control over boards to push their agenda and their agendas not necessarily in sync with the long term strategy the company so I would argue in some cases they've actually use these proxies circuits to advance their agenda and and the regulators to get more of this as far as board turnover in separate incentives for boards and those sorts of things to drive their own personal agenda so it's yes at the highest level everybody wants great governments you don't want another Enron array the sorts of things however it's also being I would argue miscues by certain parties to that point of signing if you don't have some standardized ways of measuring E. S. orgy then it becomes sort of marketing tool I say yeah we believe in this but how we're going to worlds were actually all reporting the same way so we can measure it is difficult to measure every industry every sector and every strategy with the same metrics so there are lots and lots of different groups that have emerged including like size things trying to sort of create the structure for this right so I think it will be difficult to put one set of metrics for everything but to have reasonable metrics again going back to climax because you can measure carbon relatively easily that's more straightforward what you talked about social much harder to measure inequality has increased or reduced and how over what kind of period how does that impact the let's say just something like well being are people more productive in their jobs or less productive does take a long time when you live that actually I did as long as you do for the right reasons and take for you know say social inclusion I mean if your goal is have the best talent pool in the world your inclusive right ISIS I don't care what they are I don't care what you are okay you believe your religion or gender I want the best I can get and I will reward you equally and this is how the place is going to work so I think it's a talent attraction so we would never did it and IBM because we thought the government was going to audit us who had the measure we did it because we want the best how we could find where we could find how can we have a discussion of government for the straight face this week when you saw what went on with Boeing and for that matter Nissan as well what's going on with his sermon on Chinese culture I mean I believe that those issues are driven as much by culture which then causes the government's incident and by that I mean I only know what I read in the paper so I don't have any inside information but I would surmise having been in those jobs that those leaders at that point time were over reaching for whatever sort of purposes pushing schedules lower costs what have you accept you have a product you're developing that could people could die for pushing very hard for revenue at the same time Carly to a high compensation package so you over reached for personal gain if you do that you're gonna have governance issues it's a cultural problem it's not a you can't you can't govern bad behavior you should have integrity and executives who believe in the value system of Sonny this loss and some Palmisano will be staying with us coming up we'll take a look at the phase one trade deal.

blackrock
"blackrock" Discussed on KQED Radio

KQED Radio

06:15 min | 11 months ago

"blackrock" Discussed on KQED Radio

"Is a firm overseeing seven trillion dollars in assets blackrock can start moving the needle on climate change says mora burst with a non profit Amazon watch blackrock helps clients every day make decisions about where they're putting their money and so it has immense power to shift how funds are being invested around the world blackrock's move signals the growing acknowledgments that sustainability is good business says UC Berkeley environmental law professor eaten all kind of financial sector has been paying more attention to climate change because it really threatens their investments blackrock says it will pull back from investments in industries such as coal in its actively manage portfolios and use its influence as a large shareholder to move against company management teams that are making enough progress on sustainability the companies really severe the voice of investors they really respond Houston Spaulding is with the nonprofit series which advocates for sustainable investments we think that it really is going to impact the global system by putting pressure on other large investors to follow suit and it's a notable change for blackrock itself series previously range the firm toward the bottom of the pack of asset managers based on their lackluster history of backing climate related proposals from shareholders hi Megan McCarty Carino for market place real quick here before I forget the news is about to start getting busy busy or I guess so if for some reason you Mrs on the air got a podcast that is available pretty much every we've been hearing from businesses today and how they've adjusted to the trade World Congress woman will our ski is well Jennifer pack in Shanghai now somebody who's trade concerns are similar but whose responsibilities are different Robert Kaplan is the president and CEO of the Federal Reserve Bank of Dallas Texas miss chaplain good to talk to cancer good to talk to your cart so here we sit conceivably at the beginning of the end of the trade war one never knows exactly what's going to happen how you feel well I don't think it's the beginning of the end of the trade war I think it is a beginning of some stabilization we hope I think the trade dispute with China is going to go on for years but but I do think that the implementation of this phase one deal is dramatically better than the alternative which would have been escalation and I think that that could have well been damaging to global growth and the US economy to the specific point of why we wanted to get you on the phone tur palas talked about it many times you and I have spoken about it what trade and the trade uncertainty has done to this economy past eighteen months I'm curious as to how it has changed the thinking in that big conference room in the building on constitution Avenue when you all get together and talk about things well it's impacted our thinking in that we're dealing with with three specific challenges right now global growth is very sluggish and in fact probably more sluggish than it's been since two thousand nine manufacturing related to that is in the United States is weaker than it's been since two thousand nine and business fixed investment is sluggish it's been offset by the fact we've had a strong consumer we think all of those three weaknesses are related very heavily to trade and trade uncertainty this is a little sideways but do you all actually get on planes go to Washington are you do you do a conference call we got we got it in person I sit in a room we shut the door no devices in the room and meetings wrong person nobody calls an interesting okay okay back to the subject as as you start thinking then now about this new era of an increased Serbs Tbilisi I suppose how much weight on the assumption that it's factored in a whole lot in the past eighteen months to to monetary policy how much you figure it's going away on it now well I don't think trade uncertainties gone away and when I talk to businesses they are still concerned about trade uncertainty but but I think they're hopeful for a little bit more stability a little bit more predictability which will lead to better economic outcomes here let me ask you guys in in Dallas what's wing more on you the US MCA or China for Texas and I actually think for the United States shoring up our trade arrangements in North America it was essential that the trade tensions with China last year were were challenging but the threat few months ago against Mexico because of the border situation the threat of escalated terrace that really had a substantial effect on the outlook of businesses the fact that we've got stabilization now in that relationship we think will help the U. S. B. more globally competitive and and we believe take share information in the future well that's interesting actually think that's gonna happen taken share information we think that's what was happening before the trade dispute started with Mexico we think US companies were becoming more globally competitive the trade relationship with Mexico was key to that and we thought we were our belief was we were taking share information so we would hope that that would resume and continue archer comes to poke in the eye question do you think China and US MCA and the talk of European car tires and all of that jazz has the last eighteen months in global trade been worth it have we done where we wanted to be I think time will tell I a from U. S. come on time will tell listen we're we're we're let's put it to put it differently net we think you SMCA was a modernization from nafta not a material change but a modernization I think we're not necessarily seen the benefits yet but I think to have a dispute over technology transfer intellectual property rights with China who were going to be competing with for the next number of decades it's understandable why the U. S. wanted to have an ability to address those issues rob Kaplan is the president of the Federal Reserve Bank of Dallas also as of this year once.

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BlackRock CEO says it’s time to tackle climate change — starting with coal

Environment: NPR

04:09 min | 11 months ago

BlackRock CEO says it’s time to tackle climate change — starting with coal

"The world's largest asset manager is putting climate change at the center of its Investment Strategy blackrock overseas almost seven trillion dollars in investments the founder and CEO made the announcement in his annual letters to clients and chief executives of the world's largest companies. He said blackrock will exit. Investments that present. Hi Sustainability Related risk. He also said the company would launch new investment products that screen for fossil fuels. I asked Larry Fink about his message to investors who might say. That's all well and good. But you're not maximizing my prophets well in the United States blackrock as a fiduciary has to live under that mandate. That is the Orissa rules in the United States that the number responsibilities maximize return this is one of the reason why the United States is actually behind many places the world that places sustainability much more prominent. We've also made a statement that we believe in a sustainable portfolio will outperform or indeed. We'll maximize your profits over a long period of time. Their real questions about how you define a sustainable portfolio for example you've announce at blackrock will sell out of all companies that get more than a quarter of their sales from thermal coal. That still still leave some of the biggest coal producers in your portfolio because they do a lot of other things too. So tell me about how you made this call well. Coal is a very small component of any investment universe verse. It's a very small fraction. The principal standard most people use as a standard a fifty percent less. We brought that down to twenty five percent less. But let's be clear Cole is it represents a small component of the investible universe. I think the other things that we announced creating more products more indexes that have sustainability is a key characteristic. Because it'd be a lot more important that whether we invest in in coal companies that have twenty-five percent less of the revenues and coal. The key characteristic is making sure that more and more investors use sustainability as a metrics to look at investing and we we will create the tools. We will have the tools to help people guide that climate activists have staged protests outside of Blackhawks headquarters. Members of Congress have urged to do more. Tell us about why you're making this decision. Now we're doing this on behalf of clients. I have not done this with the idea focused on any activist groups or any other voice we are a voice to the investors. Our job is to be speaking on behalf of investors and I wrote this letter not as an environmentalist. I wrote this letter as a capitalist. was there one event or conversation or news story that really flipped the switch for you that made you think this is a moment. We have to fundamentally changed course now is really the sum some of all my conversations in every part of the world with our clients and witnessing their questions about this and it really became very clear to me as somebody somebody embiid and finance for forty four years. Very clear to me that we're at a point. Now where more and more people believe in the science of climate change more and more people are worried about their portfolios and how their portfolio is going to be performing over a ten year horizon some cities that have consistent problems related to flooding or fires. Those cities are GonNa have a harder time financing their debt over a long horizon. I raise a question about the role of a thirty year mortgage in areas where climate change could have a serious impact over time. Would you adequately issue a thirty year mortgage if you can't get proper private flood or fire insurance and so this is how we believe. We're seeing capital changing changing. If more and more people believe that climate change is going to impact their evaluations of their portfolios they're going to shape their portfolio. That's going to have less risk. We want to design better techniques. Better analytics to help our investors and how they hey can be better prepared for the eventuality of physical change in the World Larry. Fink is founder and CEO of blackrock. Thanks for speaking with us

Blackrock Larry Fink Founder And Ceo United States Blackhawks Fiduciary Cole Principal Congress
"blackrock" Discussed on 90.3 KAZU

90.3 KAZU

06:16 min | 11 months ago

"blackrock" Discussed on 90.3 KAZU

"Is a firm overseeing seven trillion dollars in assets blackrock can start moving the needle on climate change says mora burst with a non profit Amazon watch blackrock helps clients every day make decisions about where they're putting their money and so it has immense power to shift how funds are being invested around the world blackrock's move signals the growing acknowledgments that sustainability is good business says UC Berkeley environmental law professor eaten all kind of financial sector has been paying more attention to climate change because it really threatens their investments blackrock says it will pull back from investments in industries such as coal in its actively manage portfolios and use its influence as a large shareholder to move against company management teams that are making enough progress on sustainability the companies really severe the voice of investors they really respond cure stin Spaulding is with the nonprofit series which advocates for sustainable investments we think that it really is going to impact the global system by putting pressure on other large investors to follow suit and it's a notable change for blackrock itself series previously range the firm toward the bottom of the pack of asset managers based on their lackluster history of backing climate related proposals from shareholders hi Megan McCarty Carino for market place real quick here before I forget the news is about to start getting busy busy or I guess so if for some reason you Mrs on the air got a podcast that is available pretty much every we've been hearing from businesses today and how they've adjusted to the trade World Congress woman will our ski is well Jennifer pack in Shanghai now somebody who's trade concerns are similar but whose responsibilities are different Robert Kaplan is the president and CEO of the Federal Reserve Bank of Dallas Texas Mitch Kaplan good to talk to cancer good to talk to your cart so here we sit conceivably at the beginning of the end of the trade war one never knows exactly what's going to happen how you feeling well I don't think it's the beginning of the end of the trade war I think it is beginning of some stabilization we hope I think the trade dispute with China is going to go on for years but but I do think that the implementation of this phase one deal is dramatically better than the alternative which would have been escalation and I think that that could have well been damaging to global growth and the US economy to this specific point of why we wanted to get you on the phone trip pal has talked about it many times you and I have spoken about it what trade and the trade uncertainty has done to discount me past eighteen months I'm curious as to how it has changed the thinking in that big conference room in the building on constitution Avenue when you all get together and talk about things well it's impacted our thinking in that we're dealing with with three specific challenges right now global growth is very sluggish and in fact probably more sluggish than it's been since two thousand nine manufacturing related to that is in the United States is weaker than it's been since two thousand nine and business fixed investment is sluggish it's been offset by the fact we had a strong consumer we think all of those three weaknesses are related very heavily to trade and trade uncertainty this is a little sideways but do you all actually get on planes go to Washington are you do you do a conference call we get we are in person I sit in a room we shut the door no devices in the room and meetings for all in person nobody calls an interesting okay okay back to the subject as as you start thinking then now about this new era of an increased Serbs Tbilisi I suppose how much weight on the assumption that it's factored in a whole lot in the past eighteen months to to monetary policy how much you figure it's going away on it now well I don't think trade uncertainties gone away and when I talk to businesses they are still concerned about trade uncertainty but but I think they're hopeful for a little bit more stability a little bit more predictability which will lead to better economic outcomes here let me ask you guys in in Dallas what's wing more on you the US MCA or China for Texas and I actually think for the United States shoring up our trade arrangements in North America it was essential that the trade tensions with China last year were were challenging but the threat few months ago against Mexico because of the border situation the threat of escalated terrace that really had a substantial effect on the outlook of businesses the the fact we've got stabilization now in that relationship we think will help the U. S. B. more globally competitive and and we believe take share information in the future well that's interesting actually think that's gonna happen taken share information we think that's what was happening before the trade dispute started with Mexico we think at U. S. companies were becoming more globally competitive the trade relationship with Mexico was key to that and we thought we were our belief was we were taking share information so we would hope that that would resume and continue archer comes to poke in the eye question do you think China and US MCA and the talk of European car tires and all of that jazz has the last eighteen months in global trade been worth it how we got where we wanted to be I think time will tell I a from the U. S. mon time will tell listen we're we're we're let's put it to put it differently net we think U. S. M. C. A. was a modernization from nafta not a material change but a modernization I think we're not necessarily seen the benefits yet but I think to have a dispute over technology transfer intellectual property rights with China we're going to be competing with for the next number of decades it's understandable why the U. S. wanted to have an ability to address those issues rob Kaplan is the president of the Federal Reserve Bank of Dallas also as of this year once.

mora Amazon blackrock
Climate crisis will fundamentally reshape world of finance, says world's largest asset manager

All Things Considered

04:14 min | 11 months ago

Climate crisis will fundamentally reshape world of finance, says world's largest asset manager

"The world's largest asset manager is putting climate change at the center of its investment strategy blackrock overseas almost seven trillion dollars in investments the founder and CEO Larry think made the announcement in his annual letters to clients and chief executives of the world's largest companies he said blackrock will exit investments the present a high sustainability related risk he also said the company would launch new investment products that screen for fossil fuels I asked Larry think about his message to investors who might say that's all well and good but you're not maximizing my profits well in the United States blackrock as a voodoo shoe has to live under that mandate that Izzie risa rules as in the United States at the time that number one responsibility is to maximize return this is one of the reason why the United States is actually behind many places the world that places sustainability much more prominent we have also made a statement that we believe that a sustainable portfolio will outperform or indeed will maximize your profits over a long period of time they're real questions about how you define a sustainable portfolio for example even outside blackrock will sell out of all companies to get more than a quarter of their sales from thermal coal that still leaves some of the biggest coal producers in your portfolio because they do a lot of other things too so tell me about how you made this call will call is a very small component of any investment universe it's a very small fraction the principal said that most people uses a standard of fifty percent less we brought that down to twenty five percent less but let's be clear a call is it represents a small component of the investable universe I think the other thing that we announce creating more products more indexes that have sustainability is a key characteristics is a be a lot more important than whether we invested it in coal companies that have twenty five percent less of the revenues in coal the key characteristic is making sure that more and more investors you sustainability is a metrics to look at investing and we but we will create the tools we will have the tools to help you people died that climate activists have staged protests outside of blackrock's headquarters members of Congress have urge you to do more tell us about why you're making this decision now we're doing this on behalf of clients I have not done this with the idea focus gone any activist groups or any other voice we are voice to the investors our job is to be speaking on behalf of our investors and I wrote this letter not as an environmentalist I wrote this letter as a capitalist was there one event our conversation or news story that really flip the switch for you that make you think well this is a moment we have to fundamentally change course now is really the the sum of all my conversations in every part of the world with our clients and witnessing their questions about this and it really became very clear to me as somebody a bit and finance for and forty four years it's very clear to me that we're at a point now where more and more people believe in the science of climate change more and more people are worried about their portfolios and how their portfolio is going to be performing over tenure ricin some cities that have consistent problems related to flooding or five years those cities are going to have a harder time financing their debt over a longer horizon I reserve question about the role of a thirty year mortgage in areas where climate change could have a serious impact over time would you adequately issue a thirty year mortgage if you can't get proper private flood or fire insurance and so this is how we believe we're seeing capital changing if more and more people believe that climate change is going to impact their valuations of their portfolios they're gonna sheep their portfolio that's going to have less risk we want to design better techniques better analytics to help all our investors and how they can be better prepared for the eventuality of physical change in the world Larry think is founder and CEO of blackrock thanks for speaking with us today thank you bye bye

Climate crisis will fundamentally reshape world of finance, says world's largest asset manager

All Things Considered

04:14 min | 11 months ago

Climate crisis will fundamentally reshape world of finance, says world's largest asset manager

"The world's largest asset manager is putting climate change at the center of its investment strategy blackrock overseas almost seven trillion dollars in investments the founder and CEO Larry think made the announcement in his annual letters to clients and chief executives of the world's largest companies he said blackrock will exit investments the present a high sustainability related risk he also said the company would launch new investment products that screen for fossil fuels I asked Larry think about his message to investors who might say that's all well and good but you're not maximizing my profits well in the United States blackrock as a voodoo shoe has to live under that mandate that Izzie risa rules as in the United States at the time that number one responsibility is to maximize return this is one of the reason why the United States is actually behind many places the world that places sustainability much more prominent we have also made a statement that we believe that a sustainable portfolio will outperform or indeed will maximize your profits over a long period of time they're real questions about how you define a sustainable portfolio for example even outside blackrock will sell out of all companies to get more than a quarter of their sales from thermal coal that still leaves some of the biggest coal producers in your portfolio because they do a lot of other things too so tell me about how you made this call will call is a very small component of any investment universe it's a very small fraction the principal said that most people uses a standard of fifty percent less we brought that down to twenty five percent less but let's be clear a call is it represents a small component of the investable universe I think the other thing that we announce creating more products more indexes that have sustainability is a key characteristics is a be a lot more important than whether we invested it in coal companies that have twenty five percent less of the revenues in coal the key characteristic is making sure that more and more investors you sustainability is a metrics to look at investing and we but we will create the tools we will have the tools to help you people died that climate activists have staged protests outside of blackrock's headquarters members of Congress have urge you to do more tell us about why you're making this decision now we're doing this on behalf of clients I have not done this with the idea focus gone any activist groups or any other voice we are voice to the investors our job is to be speaking on behalf of our investors and I wrote this letter not as an environmentalist I wrote this letter as a capitalist was there one event our conversation or news story that really flip the switch for you that make you think well this is a moment we have to fundamentally change course now is really the the sum of all my conversations in every part of the world with our clients and witnessing their questions about this and it really became very clear to me as somebody a bit and finance for and forty four years it's very clear to me that we're at a point now where more and more people believe in the science of climate change more and more people are worried about their portfolios and how their portfolio is going to be performing over tenure ricin some cities that have consistent problems related to flooding or five years those cities are going to have a harder time financing their debt over a longer horizon I reserve question about the role of a thirty year mortgage in areas where climate change could have a serious impact over time would you adequately issue a thirty year mortgage if you can't get proper private flood or fire insurance and so this is how we believe we're seeing capital changing if more and more people believe that climate change is going to impact their valuations of their portfolios they're gonna sheep their portfolio that's going to have less risk we want to design better techniques better analytics to help all our investors and how they can be better prepared for the eventuality of physical change in the world Larry think is founder and CEO of blackrock thanks for speaking with us today thank you bye bye

"blackrock" Discussed on KQED Radio

KQED Radio

06:15 min | 11 months ago

"blackrock" Discussed on KQED Radio

"Is a firm overseeing seven trillion dollars in assets blackrock can start moving the needle on climate change says mora burst with a non profit Amazon watch blackrock helps clients every day make decisions about where they're putting their money and so it has immense power to shift how funds are being invested around the world blackrock's move signals the growing acknowledgments that sustainability is good business says UC Berkeley environmental law professor eat and all kind of financial sector has been paying more attention to climate change because it really threatens their investments blackrock says it will pull back from investments in industries such as coal in its actively managed portfolios and use its influence as a large shareholder to move against company management teams that are making enough progress on sustainability companies really severe the voice of investors they really respond Houston Spaulding is with the nonprofit series which advocates for sustainable investments we think that it really is going to impact the global system by putting pressure on other large investors to follow suit and it's a notable change for blackrock itself series previously range the firm toward the bottom of the pack of asset managers based on their lackluster history of backing climate related proposals from shareholders hi Megan McCarty Carino for market place real quick here before I forget the news is about to start getting busy busy or I guess so if for some reason you Mrs on the air got a podcast that is available pretty much every we've been hearing from businesses today and how they've adjusted to the trade World Congress woman will our ski as well Jennifer pack in Shanghai now somebody who's trade concerns are similar but whose responsibilities are different Robert Kaplan is the president and CEO of the Federal Reserve Bank of Dallas Texas miss chaplain good to talk to cancer good to talk to your cart so here we sit conceivably at the beginning of the end of the trade war one never knows exactly what's going to happen how you feel well I don't think it's the beginning of the end of the trade war I think it is beginning of some stabilization we hope I think the trade dispute with China is going to go on for years but but I do think that the implementation of this phase one deal is dramatically better than the alternative which would have been escalation and I think that that could have well been damaging to global growth and the U. S. economy to the specific point of why we wanted to get you on the phone tur palas talked about it many times you and I have spoken about it what trade and the trade uncertainty has done to this con with past eighteen months I'm curious as to how it has changed the thinking in that big conference room in the building on constitution Avenue when you all get together and talk about things well it's impacted our thinking in that we're dealing with with three specific challenges right now global growth is very sluggish and in fact probably more sluggish than it's been since two thousand nine manufacturing related to that is in the United States is weaker than it's been since two thousand nine and business fixed investment is sluggish it's been offset by the fact we had a strong consumer we think all of those three weaknesses are related very heavily to trade and trade uncertainty this is a little sideways but do you all actually get on planes go to Washington are you do you do a conference call we got we got it in person I sit in a room we shut the door no devices in the room and meetings wrong person nobody calls an interesting okay okay back to the subject as as you start thinking then now about this new era of an increased Serbs Tbilisi I suppose how much weight on the assumption that it's factored in a whole lot in the past eighteen months to to monetary policy how much you figure it's going away on it now well I don't think trade uncertainties gone away and when I talk to businesses they are still concerned about trade uncertainty but but I think they're hopeful for a little bit more stability a little bit more predictability which will lead to better economic outcomes here let me ask you guys in in Dallas what's wing more on you the US MCA or China for Texas and I actually think for the United States shoring up our trade arrangements in North America it was essential that the trade tensions with China last year were were challenging but the threat few months ago against Mexico because of the border situation the threat of escalated terrace that really had a substantial effect on the outlook of businesses the fact that we've got stabilization now in that relationship we think will help the U. S. B. more globally competitive and and we believe take share information in the future well that's interesting actually think that's gonna happen taken care from Asia we think that's what was happening before the trade dispute started with Mexico we think US companies were becoming more globally competitive the trade relationship with Mexico was key to that and we we we are believe was we were taking share information so we would hope that that would resume and continue archer comes to poke in the eye question do you think China and US MCA and the talk of European car tires and all of that jazz has the last eighteen months in global trade been worth it how we got where we wanted to be I think time will tell I a from U. S. come on time will tell listen we're we're we're let's put it put it differently net we think you SMCA was a modernization from nafta not a material change but a modernization I think we're not necessarily seen the benefits yet but I think to have a dispute over technology transfer intellectual property rights with China we're gonna be competing with for the next number of decades it's understandable why the U. S. wanted to have an ability to address those issues rob Kaplan is the president of the Federal Reserve Bank of Dallas also as of this year once.

mora Amazon blackrock
"blackrock" Discussed on WNYC 93.9 FM

WNYC 93.9 FM

06:18 min | 11 months ago

"blackrock" Discussed on WNYC 93.9 FM

"The guardian is a firm overseeing seven trillion dollars in assets blackrock can start moving the needle on climate change says mora burst with a non profit Amazon watch blackrock helps clients every day make decisions about where they're putting their money and so it has immense power to shift how funds are being invested around the world blackrock's move signals the growing acknowledgments that sustainability is good business says UC Berkeley environmental law professor eaten all kind of financial sector has been paying more attention to climate change because it really threatens their investments blackrock says it will pull back from investments in industries such as coal in its actively managed portfolios and use its influence as a large shareholder to move against company management teams that are making enough progress on sustainability the companies really severe the voice of investors they really respond Houston Spaulding is with the nonprofit series which advocates for sustainable investments we think that it it really is going to impact the global system by putting pressure on other large investors to follow suit and it's a notable change for blackrock itself series previously range the firm toward the bottom of the pack of asset managers based on their lackluster history of backing climate related proposals from shareholders hi Megan McCarty Carino for market place real quick here before I forget the news is about to start getting busy busy I guess so if for some reason you Mrs on the air got a podcast that is available pretty much every we've been hearing from businesses today and how they've adjusted to the trade World Congress woman will our ski is well Jennifer pack in Shanghai now somebody who's trade concerns are similar but whose responsibilities are different Robert Kaplan is the president and CEO of the Federal Reserve Bank of Dallas Texas Mitch Kaplan good to talk to cancer good to talk to your cart so here we sit conceivably at the beginning of the end of the trade war one never knows exactly what's going to happen how you feel well I don't think it's the beginning of the end of the trade war I think it is a beginning of some stabilization we hope I think the trade dispute with China is going to go on for years but but I do think that the implementation of this phase one deal is dramatically better than the alternative which would have been escalation and I think that that could have well been damaging to global growth and the US economy to this specific point of why we wanted to get you on the phone chair palace talked about it many times you and I have spoken about it what trade and the trade uncertainty has done to this con with past eighteen months I'm curious as to how it has changed the thinking in that big conference room in the building on constitution Avenue when you all get together and talk about things well it's impacted our thinking in that we're dealing with with three specific challenges right now global growth is very sluggish and in fact probably more sluggish than it's been since two thousand nine manufacturing related to that is in the United States is weaker than it's been since two thousand nine and business fixed investment is sluggish it's been offset by the fact without a strong consumer we think all of those three weaknesses are related very heavily to trade and trade uncertainty this is a little sideways but do you all actually get on planes go to Washington are you do you do a conference call we get we are in person I sit in a room we shut the door no devices in the room and meetings wrong person nobody calls an interesting okay okay back to the subject as as you start thinking then now about this new era of an increased Serbs Tbilisi I suppose how much weight on the assumption that it's factored in a whole lot in the past eighteen months to to monetary policy how much you figure it's going away on it now well I don't think trade uncertainties gone away and when I talk to businesses they are still concerned about trade uncertainty but but I think they're hopeful for a little bit more stability a little bit more predictability which will lead to better economic outcomes here let me ask you guys in in Dallas what's winning more on you the US MCA or China for Texas and I actually think for the United States shoring up our trade arrangements in North America it was essential that the trade tensions with China last year were were challenging but the threat few months ago against Mexico because of the border situation the threat of escalated terrace that really had a substantial effect on the outlook of businesses the fact that we've got stabilization now in that relationship we think will help the U. S. B. more globally competitive and and we believe take share information in the future well that's interesting actually think that's gonna happen taken care from Asia we think that's what was happening before their trade dispute started with Mexico we think at U. S. companies were becoming more globally competitive the trade relationship with Mexico was key to that and we we we are believe was we were taking share information so we would hope that that would resume and continue archer comes to poke in the eye question do you think China and US MCA and the talk of European car tires and all of that jazz has the last eighteen months in global trade been worth it how we got where we wanted to be I think time will tell I from the U. S. I'm on time will tell listen we're we're we're let's put it to put it differently net we think you SMCA was a modernization from nafta not a material change but a modernization I think we're not necessarily seen the benefits yet but I think to have a dispute over technology transfer intellectual property rights with China we're going to be competing with for the next number of decades it's understandable why the U. S. wanted to have an ability to address those issues rob Kaplan is the president of the Federal Reserve Bank of Dallas also as of this year.

mora Amazon blackrock
"blackrock" Discussed on WGN Radio

WGN Radio

03:51 min | 1 year ago

"blackrock" Discussed on WGN Radio

"Two minute minor stuff blackrock during a TV timeout portrait convinced the referee the Conor Murphy was bleeding from the mouth which apparently he was but not enough to convince the referee to switch it from the tool for one by the heart to the Sabres what the **** down the board to break it back in the office reporter quite through the year down in on Crawford will stop putting guide the park behind the look at the key through hands it off the Patrick Kane coming by gebracht about the key fob to the photos returns with a cane they were line on the left side but it's off the stick and restore lining bread lose part fires it down I sent on property moved very definitely took the pocket for high in the lock wait around at the far board stuff you keep on I'll take it and carry out topic back became a lahar zone out of the stroller snaps it over the right wing pointed to break it caught it wanted back in behind the net around to the near side with crystalline and was waiting for the pocket hill drive it down icing on property so for vocal very aggressive on their penalty kill hawks ninety getting any time the offense was only to set it up right now see what happens on this rush years taste three center ice on a pass all the sabre line of sight less circle is down with a butterfly say Maurice messing around you get an opportunity off the rush take it that is odd the closest in the game last night he's got three goals three assists in his last six games goals on the season right hand side of believe because the sun moon now the letter or the point different look here days ones that are on the land to collect hi swapped out of the cost of similar point you're walking into the slot give the pocket capable of circle send it through to the right wing for the latter to go through some of the line to save the Gustafson high flop in the lander top the right wing circle former sabre flip to the wind the flight cost is the fact that the lander right circle football the goal one of the reporters side back to the ladder to cross the cynical lines in the lander alright Sir okay plus following up to back him the puck on goal was able to gather in I think the the sun just a little too hot to handle perfect fast great set of execution was there Brandon Saad it just sounds off the stick in the end of the play with her heart finally jumped on it seven not to stick on the back of the net he knew with also offer to do you think it's awful close to one of the one time that many but better to try and corral it is just off the office desk wide open opportunity Disneyland or the park along the right boards off the drought Assad behind that out the tape before the left circle the line got facilitates curling toppling quickly shoot through traffic and that the flex off the glass do you enter the right we corner buried with a check from Rodriguez put to the right point Gustafson fires from there that's blocked in the slot Michael takes the puck and fires it down ice noon the Sabres come to full strength so we see all for one of their respective penalty kill Gustafson carried a center ice passing on the right wing sites saber line this accident he's able to guide the puck down into the same result Eichel took it behind his net one right Sam Reinhart at center right when the party on the boards and behind a hawk what's that over the fence gave it away to I wanna love circle Michael took it in behind the heart for it to work its way free from sievert put out the low point candela the right point Montour fires a shot man the Han blacked out.

blackrock Two minute
"blackrock" Discussed on FinTech Insider

FinTech Insider

02:00 min | 1 year ago

"blackrock" Discussed on FinTech Insider

"Thank you so much for being for pleasure. Thank you know of from a cones. I felt it was a really interesting getting into some of the mission pope around. Waie cones was built as much as anything, then we spoke to Gonzalo Herodotus, who's the head of wealth. Open bank. Well, we're here at the BlackRock, I shed, well, tech event twenty nineteen on, I have the wonderful, wonderful pleasure. Be joined by Gonzalo products if I said your name, right. Yes. I don't know. It is head of wealth, open bike. Look. It's good. It's trying to the digital speedboat of Saturday group and into God's to wealth, which is my camp. Trying to define what is wealth? What is well for? Does wealth start at any given point assets scale or not interest, and we're playing around that interesting place to place. Tell me the origin story of o combined then you mentioned Sunday group. How does how does it begin? So open banks started as an online Bank in Spain and online Bank mid-nineties were even in Spain internet was not a given. So the, the bag started, let's say subsidizing the Ruta the modem internet connection for households when you became a client of them. Open Bank started like that open mind started as the easy Bank, the easy place to have my bankable assets to have a credit card debit card Kirk account. And since very early sins nine hundred ninety nine with what could be labeled as the experiment of an execution..

Open Bank Gonzalo Herodotus Spain BlackRock Kirk
"blackrock" Discussed on FinTech Insider

FinTech Insider

03:33 min | 1 year ago

"blackrock" Discussed on FinTech Insider

"Can make a real difference. The eleven fast team made a return to BlackRock wealth tied to speak to an array of experts about how they're changing the future of wealth. We spoke to Frank Cooper, the third who's the global CMO of BlackRock Noah Kona from combs gun dollop, Harare's, who's head of wealth, open Bank, mcadams from vice media, and I'm at Bomba, who's head of UK retirement Aisha's in a mea the first up to help set the scene. It's friend of the show. Joe Paul can who's head of I shows digital wealth UK for black rock. Hi, and welcome to fintech inside a Muslim Simon Taylor. And I'm joined by Mr. Joe Parkin, who is head of UK sales shares and a lot in we'll take distribution of black so well, tech twenty nineteen the event we're out today talk to me about what is the, the wealth tech event and also white it focusing. Welcome wellbeing. Yes. So we'll take something we created side of the desk, up four years ago, and really the idea was to connect the established industry with the kind of the system, and the fintech up and coming, we didn't know how is going to go one hundred and fifty people turned up we had one very interested individual by the name of Jason Bates is working. So Michael Mondo, the time has keynotes and really since then it's kind of snowballed. So last year was still very much a folk UK folks event, but, but fall bigger. And then this year we've expanded on. We've got people from twenty four countries we had to close registrations. Which I think yes it shows the success of the event. But it just shows how much focus there is right now on this one of the last bastions of disruption. The wealth management industry is really big, Ana put under pressure and people are really, really taking the seriously. So give me a flavor. I some of the speakers that you've got today. Yeah. So. Vice media. We've had back for the second year. Survives Lajja talks all about engagement, and this year, we said, we really like you to focus on the stunning about people's relationship with money. We then had already very own Blackhawks MO Franco talking about whether world is just for the wealthy, and then the softer noon, we've got Rachel Lord whose BlackRock CO in Europe talking to Chris hills. Hoggeries Lansdowne, one of the largest digital players in, in the world actually, and that's all about, he's come from a disruptor to a incumbent, and how does he actually kind of move from there. And then stop it all off. I don't know man, that's close to your heart. No karma from the acorns. I think one of the most exciting fintech globally right now he's gonna talk about engaging customers five million people have signed up to the acorns app. They have a social impact social purpose. They have affinity and they've done things, actually very few people managing wealth manager, which is kind of getting gauge -ment. And make it relevant to the people that are actually the Cana date, and so they're not wanna classic examples of wellbeing, and, and kind of wealth and the link between those two so why the focus will not for wealth tech is just because you ache owns part of the story or the multiple that I think, so I'll cool for Las fee since of the fact that there are, there are three parts of your health and happiness. You'll physical, human than you'll financial and the lost ten years..

UK Mr. Joe Parkin Hoggeries Lansdowne Ana Joe Paul BlackRock Aisha Jason Bates Noah Kona Frank Cooper Bomba Simon Taylor Michael Mondo mcadams UK sales open Bank Harare Blackhawks Lajja Europe
"blackrock" Discussed on FT News

FT News

04:44 min | 2 years ago

"blackrock" Discussed on FT News

"Don't comment on any detainees. Assault familiar with some details told me that the whole thing is not really against BlackRock as one of the parties who are accused of wrongdoing. But basically as they activities in short selling shares which were needed for these transactions by other parties, Chris can you outline exactly how the tax loophole works. You're try to the mechanics are kind of. Complicated to explain, but it involves the buying and selling of securities around the dates when dividends are paid in order to either avoid paying tax on the dividends or to be able to claim a tax refund is possible to do these candidates via single stocks, derivatives structure products and ATF's, and it surely the transparency of ETF's that helped to highlight the problem. German itchy Fs would track. The German Dax index in German benchmark reinvest their dividends that are paid during the year, and then pay the tax at the end of the funds tax year. And what happened was that? It was possible to see the very large withdrawals from CTX. Chiefs on the days immediately before the funds tixx year. And then there would be immediately large withdraws going back in there again, and this was a pattern that had persisted for number of years because it was actually a very very well known loophole and the market participants that were undertaking them. They would argue that these were trays were complying with the letter of the law, but the taxes auditees once the realize belatedly, what had been going on have been asking. If these activities are really are fraud because the buyers and sellers are colluding to set up the traits so Olaf, how did this all come to light? And then up in snaring BlackRock. There's a long running criminal investigation by the authorities in Cologne. They don't come on it at all. But according to some people somebody here with details at the moment are looking at seventy people who basically were engaged in wanting to pick fought ring, and they're going to document and got information that apparently some of these. Shares used in these complicated of all borrowed from BlackRock damaging is this likely to be two black Brooks German chairman Friedrich Mets because he's campaigning to become Angela Merkel successor as the head of the Christian Democratic Union in December just saw some people say it's really curious that this raid is happening at this point in time. It's politically potentially quite damaging for him because he's been kind of outspoken economic liberal and teachers from kind of left spectrum has been criticizing him for his role at BlackRock and also the German companies and banks, and it doesn't really look good. But if you look at the fact, he only joined in twenty sixteen chairman about five years after the alleged transactions had ended so he's not personally responsible for misconduct. The big question will be what did he do at BlackRock to investigate internally. What happened in Munich and try to get to the bottom of this or not? So how much attention is this oh getting in the German press? If quite a big story, especially given that for much of the chairman of life in Germany, but it's more seen as a political story. Whenever financial story at the moment. Given the campaign by more to become an American success, you lead the whole COMEX saga have been driving on for quite a long time and have been righted Obiang's Hooper. Find Bank the subsidiary of UniCredit already paid penalties dis at Bank, which is Germany's second largest line now owned by we cooperative banks has tied one hundred forty nine million in text to the authorities already because they engaged in these trade. So it's making quite a few headlines and the BlackRock Matt personality thing at quite a lot of spice to this say some people are cooling loopholes and people are saying. Illegal which is in so far. We didn't have a former hot ruling on these cases. We have five bankers who are charged by the friend. I commend the prosecution office the car in which is basically spun still deciding if they opened up a try, but the common view these days is in the mainstream view is that this trade were illegal and basically considered techs fraud. Obviously, the lawyers of the people have been charged and who have been engaged in these deals..

BlackRock chairman Olaf fraud Bank Germany Assault Chris ATF Munich Angela Merkel Chiefs UniCredit Cologne Christian Democratic Union Friedrich Mets Obiang five years
"blackrock" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

04:51 min | 2 years ago

"blackrock" Discussed on Bloomberg Radio New York

"That song ten years on from the financial crisis, he and his firm BlackRock heaven merged, as the big. Winner they made a big purchase back during, the, financial. Crisis really set the stage for where they are today, in terms of managing money they also had a. Lot of, technology at, play and that has really positioned really well and think and blackout. Really embody, this shift from the bankers. The sell side as it were to the investors the buy side he is, in command right now reporter. Any, Massa gave us more I'm black rock. So BlackRock had a couple of reasons that it, came out a winner from. The crisis the first big? One that we can't ignore is that they made a really important acquisition during that time and. That was their deal with BG which, was Barclays It was a whole business that included the business that they came to. Own it was a, big deal in size, and there, were very few people who. Could do. It and it also came. At a time before everyone else was convinced that, ATF's and passive investing where the wave of the future right that's right. It was a huge deal is a thirteen point five billion. Dollar deal and BlackRock had really studied this area and concluded we can't build an ETF business just by ourselves but it would be. Great to be in this arena and when BG, when the I shares business was up for sale they swept in and we're able to take it, and that business has really taken off for them. And today they. Are the global leader in each one point eight trillion and really. Do talk about. Crystal ball of just knowing that that was the beginning of that in extreme push back. Against excessive fees and as you said push the passive investing I mean their timing couldn't be better that's. Right in the past ten years what, we've seen is A huge explosion in passive investing and that's loud BlackRock to really profit and I mean. It? Hasn't slowed. Down so they're still profiting from that deal so. Larry think is a guy who is well known for a lot of. Reasons not the least of which is the guy, knows risks and that goes back to his one thousand. Nine hundred eighty s tell us about Larry think in this whole, saga that's right so Larry Fink famously is kind of obsessive over rescue having had his own major. Loss when he was at First Boston and in the ten, years since the financial crisis firms understandably have become more aware and cognizant and worried about financial risk and examining their portfolios for what they might. Not be seeing so, blogger has this business, where they, sell financial risk technology risk. Analytics to. Other businesses and that includes, insurers and includes pension And funds includes rival. Asset, managers and that business has really also taken off for them it's this is a Latin that's right it's called Aladdin and it hasn't it's not as. Big as ETF's for them but they. They the size, of the assets that this platform overseas was in two thousand. Eight somewhere around seven trillion and now it's overseeing and responsible for eighteen trillion dollars. Worth of assets so it's a pretty enormous just in, terms of the scope and power of of that platform I mean that's really become a big deal I mean this. Is what. You talk about that them being the pure winner of the number one winner coming off the financial crisis you talk about the acquisition that really put them front and center in terms of passive investing in ETF talk about Aladdin technology talk about Larry thinking it's these three things that have really propelled them. Forward yeah and the more intangible aspect is really the reputation, that they gained as well, and the relationships that they gained or Cemented. During the crisis they were. In this. Position where they were not as. Conflicted of a party they didn't have the, same conflicts of, interests that would have existed for other financial players in taking on some of the assessment of okay. Valuing some of the toxic assets during the crisis and so the US. Government really gave them a lot of contracts and they built a relationship over those couple of. Years that, has proved valuable and from a. Reputation perspective, Larry thinks own reputation has really risen in stature know this was a guy who was I'm well well-known to Wall Street. But he's become sort of statesman like in advising governments and really being a force for the shareholder in. A way that he. Just wasn't before precisely, everyone still knew Larry Fink was back then but in. The. Past ten years I think it's indisputable that his profile has been even further elevated and you do see him visiting And consulting with governments all over, the world and he's only become more visible figure yeah I mean he's.

Larry Fink BlackRock reporter BlackRock heaven ATF Barclays Massa Boston US ten years eighteen trillion dollars
"blackrock" Discussed on WGN Radio

WGN Radio

01:52 min | 2 years ago

"blackrock" Discussed on WGN Radio

"The second card spot blackrock look in the place spoiler as they are a couple of games under the 500 mark that is not going to get your bill postseason position to win some games here you never know back in the day there was a time when a sub 500 record would get you into the playoffs but uh those were the days when we had 21 teams in the nhl thirty one teams now here's gustafsen left circle and takes a passing fires and that just why gain got it back of the right circle canaan front the squad favors made by varlamov oh that was a miraculous save teams was gonna for the topright corner bar lama flashed the leather and took it away not a bad goaltender we could be hot and real hot sometimes you can go coal says the a massive save boy caves that gets a real good luck venice similar to that landis guard opportunity in the second period for the apps so one on one shot taves with like he was going top shelf that just a unbelievable save the rink it off the drawing right wing corner dole surely right point to keep up the left point snapped the puck down that after behind the apbnet around the right wing boards tennis droese claimed that at the right point to to frank at high slot tried to turn and pass it into the right circle for small's is to flex onto the stick of nieta along the near boards out zone they'll put the puck in front of his net that very than a pass up the left wing and your door dora tried to fire at across the rink this one caught a stick and then some air and ends up sailing over the near glass in the crowd let's take a quick look around the nhl see was hot and who was cold who was hot the nashville predators have won eight straight eight of their last ten in a dogfight with the dallas stars tonight who was coal now.

nhl dole blackrock landis frank nashville dallas
"blackrock" Discussed on KBNP AM 1410

KBNP AM 1410

02:22 min | 3 years ago

"blackrock" Discussed on KBNP AM 1410

"Blackrock case the outside factor is this competition from other cut the road passive fee product managers and the the con the customers themselves the people who are looking for these lowcost products they can keep moving around two different providers and there's essentially this cost cutting war going on and in the terms of an and in the case of the alternative investment industry they are sort of right now the premium returns that the net of fees that that can be provided and so they still have quite a lot of power over look over their customers essentially there investors i'm also struck by the fact that we're talking about investment banks and investment firms in the same breath and i'm wondering how much convergence there is there and whether that sort of indicative of broader trend as well i think in the case of investment banks adopting more investment management businesses i i think that that's just a way for them to look for some more high margin business lines and so you see goldman moving back into alternative investing as much as much as its key as much as a candidate it can't use its balance sheet as much alongside the clients who raises money for in this area but that's certainly as that certainly is happening another thing the the reporters on the story uh did a really good job of looking at as sort of how these firms are adopting technology because this centrally all of them want to ensure that new entrance that just have better smarter quicker technology can come in and sort of replace a lot of what they're doing and so we see goldman uh looking at online lending looking at how to cater to millennials we see blackrock looking at ways to sell its risk management software to third parties to other institutional investors and wealth managers and so that also is is is happening right now and and i think that will continue to happen in the next couple of years thank you very much for being with us said devon banner she is our a private equity and deals editor for bloomberg speaking about blackstone blackrock goldman and the future of wall street while right now let's check out all with going on around the world and the nation we've got to nancy lyons in our bloomberg 991 newsroom in washington dc the headline nancy thanks so much pimm we are expecting that here from senator al franken within the hour he's expected to take to the.

editor bloomberg senator al franken Blackrock goldman risk management devon blackstone blackrock goldman nancy lyons washington
"blackrock" Discussed on 103.5 KISS FM

103.5 KISS FM

01:48 min | 3 years ago

"blackrock" Discussed on 103.5 KISS FM

"That's the struggle to there's two parts of it because and this is why it's something that everybody can understand it because you can't understand it at that makes any sense because you can't see it so you have to trust that it is happening in somebody's mind so in your mind i can't see it all i can do is trust the things that you're saying to be happening and same with the doctor he said he knows the stubby honest and i was very open about things that i probably wouldn't tell anybody else uh i might tell you i tell january told my mom yeah other than mudima three girls that's my try thought the right there on the new three of hardwon tell anybody yeah all him and it was very calm he was very kind and it helped me on same age but he was a guy that's weird but you had a week i had brough talk yeah almost yeah it's funny because last year we did a survey on the air for me yeah and it went way too long and i got really complicated asked some really weird question yeah because it's just like the you can't control how you're brain functioning if your body is not released in the right or your brain is all released in the right chemicals and it is not functioning in the correct way you cannot reach into it and touch it to printed i had a problem on think about how good as this copies ran out in her which is that that's okay black blackrock is so good that's okay 'cause someone might have so a some of the test are if you have like when given a test or a task the procrastination is something you typically dea rather than doing it just right away yeah and you make a decision and act impulsively yes spending money getting involved to someone new activities changing plans and they like that he aboard easily yep a off and get distracted when people are talking to knit outer drift off united and i told my said i like a lot of it's like i'm come sensitive i i don't people think i mean rude arm not listening as it's not that it just i i i don't know how to make my brain do that so i hope this helps or we go back in a.

blackrock